Economy

GIFT City: FM Sitharaman to lead a team to Gandhinagar on Saturday

Our Bureau New Delhi | Updated on November 19, 2021

Nirmala Sitharman, Finance Minister

To focus on GIFT-IFSC’s role as the gateway to global financial services for Indian corporates.

Finance Minister Nirmala Sitharaman will Saturday lead a team of seven Secretaries from the Ministry of Finance and Ministry of Corporate Affairs (MCA) to discuss the development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar.

The Ministers of State for Finance, Pankaj Chaudhary and Bhagwat Kishanrao Karad, would also be joining the discussions, an official release said.

The discussions will focus on the role of GIFT-IFSC as the gateway to international financial services for Indian corporates within India. It will focus on attracting global financial business to India and growth as Fintech global hub.

Sitharaman will also be visiting key infrastructure facilities at GIFT City and interacting with various stakeholders/entities in the IFSC. The visit underlines the government’s commitment towards developing GIFT-IFSC as India’s premier financial services centre and dominant gateway for global financial flows into and out of India.

The discussions will bring together a confluence of ideas and strategies for faster development of GIFT-IFSC, which was created with the vision of onshoring offshore financial activities and thus embodies the spirit of Atmanirbhar Bharat, the release added.

In pursuit of the vision, collaborative efforts have been made by the central government, Government of Gujarat, GIFT City and International Financial Services Centre Authority (IFSCA), the unified financial sector regulator for GIFT-IFSC, to provide world-class financial regulations, vibrant infrastructure, competitive tax regime and a plethora of opportunities for exploring innovative and diverse financial products and services such as aircraft leasing, bullion trading and global in-house centres.

With some of the best-in-league infrastructure for incubating start-ups in the form of Fintech accelerators and lab and with global events such as ‘IFSC Beyond Boundary Fintech festival’ and hackathons being on the anvil, GIFT-IFSC is rapidly emerging as a thriving Fintech hub in the region.

Published on November 19, 2021

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