PM’s bullet train won’t halt CM’s IFSC

Despite a controversy over sharing of land between the proposed International Financial Service Centre (IFSC) and bullet train terminal, the state government has decided to start work on IFSC from December. The decision was taken last week in a meeting known as a ‘war room meeting’ held in Mantralaya, where all the major infrastructure projects are reviewed periodically.

Officials said during the meeting that the work for IFSC should be started early considering that the city is the financial capital of the country. Also, a two-year time period is sufficient to get the financial centre — which chief minister Devendra Fadnavis is pushing for — functional while the bullet train terminal, a pet project of Prime Minister Narendra Modi, would need a long time for approvals, environment clearances and land acquisition, said an official who attended the meeting.

“The work for constructing IFSC would start from this December. We want it to be functional in two years’ time. Issues over land should not become a hassle for the ambitious project as the Bandra Kurla Complex (BKC) has enough space for IFSC and the bullet train terminal as well,” the official said. Also, the state will face competition from Gujarat’s GIFT city, which is the first financial service centre of the country.

The plot of land concerned at BKC had been mired in controversy after it had been claimed for both IFSC and the bullet train terminal. Certain solutions, such as having the train terminal underground and the IFSC building on top, were suggested. The state government had also offered land at Kurla, but a final decision has not yet been made.

“The bullet train will take time for clearances. It will pass through two states and will require massive land acquisition. Also, the proposed bullet train route is intersecting with the Delhi-Mumbai Industrial Corridor project, which needs to be resolved by the Centre,” the official added.