Finance Minister Arun Jaitley on February 6 said that in order to attract foreign direct investment and finance India’s infrastructural projects, “all models of financing would have to be explored” and a structure of financing would be put in place for that. The country cannot solely rely on foreign investment, it needs to increase public spending, in the first stage, while also converting domestic savings into infrastructural financing, Mr. Jaitley said in an address through video conference organized by the Maharashtra government. Under the conference Mumbai Next, the government initiated a discussion on ways to convert Mumbai into a global financial, commercial and entertainment hub. The gathering included top businessmen, artists and politicians including Chief Minister Devendra Fadnavis. “Infrastructure creation in the last few years has admittedly slowed down. The structure of financing has to be put in place, quick decisions need to be taken. We will now have to enter a new age where all models of financing will have to be explored. We need to increase the levels of public spending, in the first stage. Domestic savings need to be converted into infrastructure financing,” Mr. Jaitley said. He was responding to a question put forward by Mukesh Ambani, chairman, Reliance Industries Limited. Mr. Ambani, who was present at the conference in Mumbai, asked Mr. Jaitley how could the Centre-state coordination touted by the government help in fast-tracking the infrastructural projects in Mumbai that have been stuck for the past few years. Mr. Jaitley hinted at more reforms for faster economic growth and rationalisation of expenditure, saying the government does not believe in living on borrowed money. While answering Mr. Ambani's question, Mr. Jaitley said the issue of financing infrastructural projects pertained to not just Mumbai but the rest of the country.  “India is no longer only a country governed by cooperative federalism. It has entered the era of competitive federalism. He who reforms will take the country forward. Why not Maharashtra?” Mr. Jaitley asked why pointing out the investment potential of Mumbai.