The announcement of regulations for International Financial Services Centre (IFSC) in the country seems to have brought renewed optimism in the investors and financial services providers.

The IFSC is coming up in the GIFT SEZ area near Gandhinagar.

At the conference on the on regulatory framework for IFSC held at Mahatma Mandir in Gandhinagar on Friday, Ashishkumar Chauhan Managing Director & CEO said, “Over the last 35 years, since 1978 Hong Kong has played a major role in mobilizing substantial resources for economic development of China. IFSC at GIFT city has a potential to play a similar role for India.”

Meanwhile, Finance Minister Arun Jaitley, in his speech said, “we should never be satisfied with the fact that somebody has upgraded us. It is significant. It is positive, but there is a lot of distance that we have to cover.” Moody’s had revised its outlook to positive for India on Thursday.

Jaitley mentioned that there is a need to unleash the potential of sectors such as insurance, defense, real estate, smart cities, coal, power, and mining.

“There are comparable economies in the world that are facing a far greater challenge than us. So as a more progressing economy, we are likely to see more investment. The ball is entirely in our court,” he said.

Vishal Mirchandani, CEO - retail and commercial, Brigade Enterprises Ltd, said, “Optimism is rising and the announcement of the regulations has come at the right time. This is a big boost for the infrastructure sector. We are developing office, residential and hotels with an overall investment commitment of about ₹500 crore in GIFT.”

Brigade Group has been allotted 1.1 million square feet of area at GIFT. Echoing similar sentiments, Khair Ull Nissa, Director, World Trade Centre India Services, Noida, said, “The momentum has picked up. Investments will pick up as the sentiment will start building up. The Moody’s upgrade is an example of that. For investors and corporate India, Moody’s rating is significant.”

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