Kolkata
It would be a desperate effort from the state government to lift the status of the financial hub in New Town up to a global standard. The government is looking for the investment of foreign financial institutions there in the second and third phase of the hub.
The state finance department has been approached by some of the foreign banking companies. But they are yet to finalise any deal with the state.
So far, nine national financial organisations have booked their space at the financial centre in the hub. The second phase of the project will be housed in an iconic 34-storey structure,
which is likely to be the second-tallest building in Kolkata after the 36-storey South City.
“We are keeping our fingers crossed after the successful showcasing of the project in New Delhi, Mumbai and even London. Investors showed a great interest everywhere we met them,” said a senior official of the finance department.
The government is trying to build this as the second financial hub of the country following the one in Mumbai’s Bandra-Kurla.
But a fast growing financial hub in Ahmedabad is a standing challenge for
Bengal.
“The state is leaving no stone unturned to complete this ambitious project as soon as possible. The concerned officials have asked the foreign investors to take stock of the financial hub. After all, we have to finish second after Mumbai,” the official pointed out.
“As Kolkata has the prospect of becoming the gateway to South-East Asia, we are expecting some foreign financial organisations to set up their units here. Our expectation is logical. If you study the initial efforts before setting up the financial hub across the globe, everywhere it was necessary to have a favourable geographical position,” he added.
The concerned authority, Housing Infrastructure Development Company (HIDCO), would take the responsibility to set up office buildings for the investing companies if they wish to do so. But the companies have to buy land from HIDCO.
If investors wish to book space on rent despite there not being any problem in buying land for the financial hub in New Town, they are welcome to do so, said the official.
Mumbai has the Bandra-Kurla Financial Hub which has already become operational. There, Infrastructure Leasing and Financial Services (IL&FS) was the key consultancy firm in the hub. IL&FS is also engaged in New Town.
“The financial hub in New Town has great prospects due to the strategic location which is not only near the international airport but the infrastructure connectivity to the heart of the city is excellent. We initially thought the financial hub which is being set up in Gujarat will be the second in India after the one at Bandra-Kurla. But now, we are confident of the financial hub in Kolkata being the second one in India,” said Sudip Dutta, senior vice-president of IL&FS.
Another heartwarming fact for the state government is that Asia has a remarkable presence among the major financial hubs across the globe. London, New York, Hong Kong, Singapore, Zurich, Frankfurt, Sydney, Seoul and Tokyo, all these cities have financial hubs but it is interesting to look at the fact that there is a strong presence in Asia.
A recent study by Mackenzie Global Institute surveyed that Kolkata is the third in India according to the gross state domestic product after Mumbai and Delhi. Kolkata is also the third-largest city which clears cheques after Mumbai and Delhi. These facts could help the state in having a full-fledged Indian version of Wall Street.