Mumbai has a great plan to attract global businesses and it is going to be huge

India’s financial capital Mumbai is going one notch ahead to live up to its name and is in the process of creating an international financial district.

This district will draw global business and will also attract them with tax-free norms and other deals.

Maharashtra Chief Minister Devendra Fadnavis took the charge of creating the much talked about district in Mumbai and a master plan to develop the area is underway.

Discussions have been already held with finance minister Arun Jaitley and the Reserve Bank of India.

The master plan, which is being prepared by a committee headed by Jayant Sinha, is being developed on the lines of financial centre in Gujarat with some necessary changes.

"Singapore, Hong Kong and Dubai have prospered because many Indians prefer to set up their companies there instead of setting up here because of taxation issues. What we are going to do is simply remove those tax hindrances,” said Poonam Mahajan, deputy chairperson of the committee.

The proposed international district will come up on 60 acres of land.