Mumbai can make itself happen
But to become a major financial centre, city has to follow its own recommendations says Lord Mayor of City of London ….Sudeshna Sen LONDON
THE Lord Mayor of the City of London, when hes not presiding over elaborate pageants in rich historical costumes, governs the one square mile that accounts for 34% of the global foreign exchange turnover, 90% of world trade in metals and 14.5% of UKs GDP. David Lewis, who traces his office back to the likes of Dick Whittington, points out that the City, at 800-odd years old, is the worlds oldest functioning municipal democracy, and we have no politics, or affiliations with any party. Mr Lewis spoke to ET on a range of issues just prior to a fourcity India visit.
How will the global financial crisis affect the City of London?
There are two issues one is the subprime crisis. Its worrying and will affect countries like India and China as well. The issue is that the length, depth and range of the crisis is still not known; we dont know how long its going to last well have a better idea with the June quarter results. Though the Big Four accountancy firms are writing down everything they can, in the hope that banks will be able to write them back. The other is a recession the UK and Continental Europe are not in recession. You may argue whether growth will be 1.8% or 1.6%, but were not negative. This market has a lot of substance, and theres still a lot of money being made. And though financial services is important, the UK is the worlds sixth-largest manufacturing nation.
What areas do you plan to engage with India, and what is your take on the proposal to make Mumbai a global financial centre?