Establish Int'l Finance Centre in Chennai: TN

Finance Minister O Panneerselvam on Monday urged the Centre to consider establishing an International Finance Centre (IFC) in Chennai in addition to Mumbai and also consider policy, regulatory and administrative measures necessary for the move.

Published: 10th June 2014 09:21 AM  |   Last Updated: 10th June 2014 09:21 AM   |  A+A-

CHENNAI: Finance Minister O Panneerselvam on Monday urged the Centre to consider establishing an International Finance Centre (IFC) in Chennai in addition to Mumbai and also consider policy, regulatory and administrative measures necessary for the move.

Panneerselvam made this request while speaking at the pre-budget meeting convened by Union Finance Minister Arun Jaitley at New Delhi. The Minister also said Tamil Nadu State Industrial Corridor Development needed to be given a status equivalent to the Delhi-Mumbai Corridor.

The Centre had to actively participate in the infrastructure development and financing of the select Tamil Nadu State Industrial Corridor development. 

The Minister also urged the Centre to consider providing Infrastructure Finance Company status to the Tamil Nadu State owned Non Banking Financial Companies (NBFCs) which had a track record and experience in infrastructure in the State of Tamil Nadu. 

These include Tamil Nadu Power Finance & Infrastructure Development Corporation, Tamil Nadu Urban Finance & Infrastructure Development Corporation and Tamil Nadu Transport Development Finance Corporation Limited. They should have access to market and institutional borrowings on par with the private sector Infrastructure Finance Companies in India.

Pointing out that Tamil Nadu had been a pioneer in many schemes which offer much greater benefits and better coverage compared to Central schemes with similar objectives, the Minister said the Chief Minister’s Comprehensive Health Insurance Scheme in Tamil Nadu had a much better coverage than the Central Government’s Raashtriya Swasthya Bima Yojana.

 “Similarly, compared to the Janani Suraksha Yojana and Indira Gandhi Matritva Sahyog Yojana, the Dr. Muthulakshmi Reddy Maternity Benefit Scheme in Tamil Nadu offers better benefits”, the Minister observed.

Pointing out that if the Centre refuses to converge its funding with the schemes of Tamil Nadu, the State would be deprived of those resources, Panneerselvam urged the Centre to create a mechanism for the convergence of funding in such schemes so that duplication of efforts and ineffective application of resources are avoided.

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