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Bring start-ups to GIFT City to create ecosystem for global financial hub: FM

Our Bureau | | Updated on: Nov 20, 2021
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Regulators and exchanges need to discuss and iron-out issues to bring greater coordination

During her visit to the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, Union Finance Minister Nirmala Sitharaman suggested start-ups from different sectors to be brought to GIFT City to support the ecosystem required to make GIFT-IFSC a global financial hub.

After inspecting the physical infrastructure across the GIFT City (domestic area) and IFSC (notified SEZ area), the Finance Minister suggested the Gujarat government to bring start-ups including fintech and non-fintech from locations such as Bengaluru, Hyderabad and Gurugram to relocate to GIFT City in the non-IFSC area.

“The government of Gujarat has agreed and said they will have an interaction with all of them to bring them here. This can be one of the things outside of the IFCS but within the GIFT City to support the activities that can create the ecosystem for making this a global financial hub,” Sitharaman said after holding meetings with the authorities of stock exchanges and regulators.

Sitharaman also stated that there were certain issues to be ironed out between the bourses and different regulators for smooth functioning at the IFSC.

“There are quite a few things on which greater coordination is required among the authorities dealing with the stock exchanges and also among the regulators. It is possible to sit around the table and sort it out all these concerns,” she said.

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

The FM visited key facilities and interacted with various stakeholders present at the IFSC.

Published on November 20, 2021

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