India’s second financial hub in Kolkata

KOLKATA - Finance Minister Pranab Mukherjee Wednesday laid the foundation stone of the country’s second financial hub, after the Bandra-Kurla Complex in Mumbai, at Jyoti Basu Nagar in the northeastern fringes of the city.

Spread over 300 acres, the financial hub will house several banking and financial institutions, insurance companies and stock exchanges apart from hospitality and educational institutions. It would entail an overall investment of Rs.16,000 crore.

“This financial hub will open a new vista for the people of this region of the country,” said Mukherjee.

The hub would play a catalytic role as a gateway to the Southeast Asia, he added, relating it to India’s “Look East” policy.

The hub is expected to generate employment opportunities and business prospects for West Bengal and the eastern region.

“This hub would generate employment of two lakh people directly and three lakh indirectly,” said West Bengal Finance Minister Asim Dasgupta.

Chief Minister Buddhadeb Bhattacharya said the government and the private agencies should join hands at the hub.