Bullet Train: No Business Shift from Mumbai to Gujarat

Mumbai, Jun 4 (PTI) Maharashtra Chief Minister Devendra Fadnavis on Wednesday said the improved connectivity with Gujarat through the bullet train will not lead to a migration of business out of the financial capital.

Fadnavis cited the case of the diamond trade and financial services to underline the preferences of businesses to stay put in Mumbai even when they see alternatives.

"No way that such connectivity will take away any business," Fadnavis said here.

Acknowledging that the development of a diamond bourse in Surat had led to concerns over the future of the diamond trade in Mumbai, Fadnavis said the local trade concentrated in BKC and also parts of south central Mumbai is unaffected.


The last two years have seen prices for local units going up by 40 per cent, the Chief Minister said.

Similarly, in the case of financial services, Fadnavis said all the big names in fintech are opting to house themselves in Mumbai's Bandra Kurla Complex business district.

"They are investing big time in BKC...we are selling BKC plots at all-time high prices, unheard of prices, we are selling the BKC land. I don't see any challenge," he said.

Speaking at an investor event organised by Bofa Securities, the senior BJP leader said we have to "work with synergies" in India, and states are not competing with each other.