Indians are expected to spend up to 48 billion dollars by 2015 on foreign financial products as against 13 billion dollars spent last year, Citi India CEO Sanjay Nayar said in Davos on Thursday.
Addressing a session organised by CII and Maharashtra government on making Mumbai a financial centre, he said: ?With current spending of 13 billion dollars by Indian households on foreign financial products, it is estimated that by 2015, 48 billion dollars would be spent.?
Considering these facts, he said Mumbai needed to be developed as a financial centre in the region.
Indian companies have entered into merger and acquisition deals worth around 100 billion dollars last year, paying two billion dollars to banks as fees.
Mumbai witnesses almost 95 per cent of the country?s transactions in stock exchanges. Presence of major regulatory bodies and commodity exchanges has only attracted various international financial institutions to set up shops in the state, Maharashtra Chief Minister Vilasrao Deshmukh said.
He said the state government expected to facilitate investment worth 60 billion dollars to develop Mumbai Metropolitan Region by 2020.
A report submitted by the Percy Mistry Committee to the Union government in February last year elucidates that Mumbai is the only place in the country that could facilitate better transactions by being an international financial centre, he said.
Speaking on the occasion, Minister of Civil Aviation Praful Patel said more than 400 airports are planned to be set up in the next 10 years and India is poised to spend 100 billion dollars for purchase of planes. This would attract an investment of 50 billion dollars for facilitating the necessary infrastructure, he added.