Mr. Chidambaram said:
Given the current exchange rate, India is a trillion dollar economy. Outflows and inflows together account for nearly 106 per cent of the GDP. As the economy becomes more open and trade intensity increases, giant financial flows will be intermediated in India. India is a purchaser of international financial services. A recent report has estimated the value of these services at US$ 13 billion a year and has concluded that this will rise to US$ 48 billion by the year 2015. While India will continue to be a purchaser of financial services, we believe that there is an opportunity for India to become a provider of financial services as well. It is, therefore, our intention to make Mumbai an International Financial Centre. We commissioned a report for this purpose. The report is in the public domain and we are in the process of building a consensus on the key recommendations. It is our intention to make financial services the next growth engine for India.