Govt Acts To Make Gujarat’s GIFT City Into A Global Hub For Financial Services And Fintech
According to the ministry of finance, this visit by Union Minister Nirmala Sitharaman with a team of seven secretaries underlines the commitment of the Government of India towards developing GIFT - IFSC as India’s premier financial services centre.
Union Minister Nirmala Sitharaman on Saturday (20 November) will lead a team of seven secretaries from the Ministry of Finance and Ministry of Corporate Affairs to discuss the development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar.
The discussions will focus on the role of GIFT - IFSC as a gateway to global financial services for Indian corporates within India, attracting international financial business to India and growth as a Fintech global hub.
The Union Finance Minister will also be visiting critical infrastructure facilities at GIFT City and interacting with various stakeholders in the IFSC.
“The visit underlines the commitment of the Government of India towards developing GIFT - IFSC as India’s premier financial services centre and dominant gateway for global financial flows into and out of India,” the Ministry of Finance said.
“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,” it added.
The official statement noted that the Union government had made collaborative efforts with the 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 diverse financial products and services such as aircraft leasing, bullion trading and global in-house centres.
The ministry said that with some of the best-in-league infrastructure for incubating start-ups in the form of Fintech accelerators and 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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.