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The Maharashtra Chief Minister also said the state was expecting more funds from the Centre for various projects. Chief Minister Prithviraj Chavan Thursday said there was a need to tweak

certain laws if Mumbai was to be developed into a global financial hub. "There is a need to bring in changes in the shape of financial sector reforms, which we call phase II of

financial reforms....For developing Mumbai as a financial hub, there is a need for certain changes in the existing financial laws," he said at an event organised by the Indian

Merchants' Chamber here today. The Chief Minister also said the state was expecting more funds from the Centre for various projects. "The Centre is providing funds for various

projects. But with the economy growing robustly, we expect more funds from the Centre for our projects. We believe more funds will also be available from the state kitty as well," he

said. On infrastructure development in Mumbai, he said the Railway Ministry and the state were mulling an elevated suburban rail track over the existing line. "The Railways is

considering an elevated rail track over the existing track. Since it will be over the railway broad gauge, there will not be land acquisition issue." The elevated rail network is

proposed from Virar in the extreme northwest of the city to Colaba in south, via Churchgate and CST stations. The proposed corridor will be underground from the Mahalaxmi area to Churchgate,

CST and Colaba. On the development of transport infrastructure in Mumbai, he said, "We have undertaken projects worth Rs 26,000 crore through the MMRDA. But we are facing several

challenges in the key projects due to poor land availability." First Metro corridor -- Versova-Andheri-Ghatkopar (VAG) -- is expected to undergo trials by end of this year and would be

commissioned the next year. Similarly, monorail and parts of Eastern Freeway would also commence next year, he said.