Bombay as Offshore Banking Centre

I S G WE too should establish an international financial centre of our own. We are debtor nation, no doubt, dependent upon substantial external aid to carry out our development programmes. But even so, should we carry on as now and take no account of the new emerging factors which may well have a potential which we should exploit to the full? Should we not endeavour to clear the road for the overflow of funds from abroad, particularly the oil exporting countries of the Gulf who are accumulating enormous funds and who seek investment outlets all over the world?