Mumbai Drops to 66th in World’s Leading Financial Hubs Ranking List

                The most financially powerful city of India Mumbai dropped to 66^th position in the recently published ranking list of world’s leading financial hubs. The list was released by Global Financial Centres Index (GFCI), and the capital of India New Delhi failed to secure a position in the list despite of showing some sparks over the last financial year.

GFCI is an agency, and it provides ratings, ranking and profiles of 79 leading and powerful financial centres across the world in that coveted list. It has positioned Mumbai at the 66^th rank, which is a clear cut demotion of three places from the last year’s ranking. Last year Mumbai managed to secure 63^rd rank in the said list.

The capital of United Kingdom, London has managed to secure the pole position to claim the tag of number 1 financial hub of the world. It has to be mentioned here that Mumbai remains the one and only Indian entry of the list.

The top 10 are as follows:

      1. London.          2. New York.          3. Hong Kong.          4. Singapore.          5. Zurich.

      6. Tokyo.             7. Geneva.              8. Boston.                  9. Seoul.               10. Frankfurt.

It has to be mentioned here that very recently GFCI added the national capital New Delhi in its questionnaire, and all the progress of the city was being monitored thoroughly at the business scenario, but still it failed to unlock the door to make an entry in that list. Despite of being the most influential and political hub of India, New Delhi didn’t succeed to make the cut for this year.

Along with New Delhi a few other financial hubs like Guangzhou, Riga, Santiago, Baku, Tel Aviv, Almaty, Tianjin, Busan and Liechtenstein too have managed to mark enough growth to be added in the GFCI questionnaire recently. GFCI told that they were continuously tracking the progress of these cities with proper interest. “They have yet to acquire sufficient assessments to be included in the Index", GFCI added in its published notice.

If we study the list properly, we will be able to find that around 26 financial hubs managed to improve rankings from last year, while as many as 44 centres dropped, and 7 showed absolutely null change. As an added factor we should include that Panama and Cyprus are the two glorious financial centres, which secured a position in the list for the very first time.

Eventually all the leading centres (except 6) in the list of GFCI experienced an increase in the ratings, which is quite a good thing considering the continuous poor condition of world economy.

The Index clearly predicts the potentiality of ten centres that are expected to lead in the next few years more significantly. These centres are as follows, Singapore, Shanghai, Hong Kong, Seoul, Toronto, Sao Paulo, Luxembourg, Istanbul, Beijing and Moscow.

One more thing is quite highlighting in that coveted list of GFCI. Approximately around 40% of the financial hubs that are included in the list are situated in such places, which are considered as emerging markets. These centres have gained prominence in the financial world and global economy for sure.

Do you like this article and want to stay updated with all the Latest Current Affairs updates? If yes then please take a second to Subscribe to us via email for all the free Current Affairs updates. You can send your queries, suggestions to us by accessing this Contact Us Form, or you can play Current Affairs 2013 Quiz too.