The United States is likely to propose setting up of a regional financial services centre in Mumbai during the visit of President George Bush to India.
President Bush and Prime Minister Manmohan Singh are expected to discuss the issue during their bilateral meeting. The proposal is based on a recommendation of the Indo-US CEOs Forum.
Highly placed sources told
Business Standard the proposal, if accepted by India, could be accommodated under the Special Economic Zones Act since the law provides for setting up of an international financial centre. The proposed centre would be similar to those in cities like London and would have features such as stock exchanges and derivative trading.
The US is also expected to announce its interest in setting up large special economic zones in India spread over 20,000 acres or more. Another likely announcement is for setting up of a group on legal services comprising around six prominent lawyers from each side.
Both countries have also agreed on changes in the Sanitary and Phytosanitary agreement and a protocol would be signed allowing export of Indian