On Saturday, FM will lead a team of seven secretaries to GIFT City for negotiations
The function of the GIFT-IFSC as a doorway to global financial services for Indian corporations within India, as well as encouraging international financial business to India, will be explored.
Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs will lead a team of seven secretaries from the Ministries of Finance and Corporate Affairs on Saturday to discuss the development and growth of India’s first International Financial Services Centre (IFSC) at GIFT City in Gandhinagar. Pankaj Chaudhary, Minister of State for Finance, and Bhagwat Kishanrao Karad, Minister of State for Finance, will also participate in the discussions.
“The role of GIFT-IFSC as a gateway to global financial services for Indian corporates within India, encouraging global financial business to India, and growth as a fintech global hub,” the Ministry of Finance said on Friday.
The Union Finance Minister will also pay a visit to GIFT City’s key infrastructure facilities and meet with various stakeholders and entities with a presence in the IFSC. “The visit demonstrates the Government of India’s commitment to building GIFT-IFSC as India’s flagship financial services center and the primary gateway for global financial flows into and out of the country. The discussions will bring together a flurry of ideas and methods for GIFT-speedier IFSC’s development, which was founded with the goal of onshoring offshore financial activities and so reflects the spirit of Atmanirbhar Bharat “According to the Ministry of Finance.
“In order to realise the vision, the Government of India, the Government of Gujarat, GIFT City, and the International Financial Services Centre Authority (IFSCA), the unified financial sector regulator for GIFT-IFSC, have collaborated 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-housing,” says the statement.
GIFT-IFSC is rapidly emerging as a thriving Fintech hub in the region, according to the ministry, with some of the best-in-class infrastructures for incubation of start-ups in the form of Fintech accelerators and labs, as well as global events such as the ‘IFSC Beyond Boundary Fintech festival’ and hackathons on the horizon.
