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GIFT IFSC development plan drawn up: Nirmala Sitharaman

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman visits India’s first International Financial Services Centre (IFSC) at GIFT City, in Gandhinagar on Saturday (ANI)Premium
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman visits India’s first International Financial Services Centre (IFSC) at GIFT City, in Gandhinagar on Saturday (ANI)

  • Sitharaman said at a briefing after her visit to the GIFT City on Saturday that during the discussions, specific action plans were drawn up
  • Greater coordination among stock exchanges and among regulators like SEBI, RBI and IRDA is a key part of the plan

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New Delhi: A team of secretaries led by finance minister Nirmala Sitharaman on Saturday identified ways of developing the International Financial Services Centre (IFSC) at GIFT City in Gujarat.

Sitharaman said at a briefing after her visit to the GIFT City on Saturday that during the discussions, specific action plans were drawn up. Greater coordination among stock exchanges and among regulators like SEBI, RBI and IRDA is a key part of the plan. Encouraging start-ups across the country-- not limited to fintech start-ups alone--to set up shop in the GIFT City and development of the GIFT City outside the IFSC are also part of the plan. The idea is to nurture GIFT City as a major global financial services hub.

Sitharaman said that when she visited Washington in October, she had bilateral meetings with several business leaders, many of whom said they were willing to shift some of their core activities in different towns in US cities to India. “..in that context, I did recommend that they must visit Gift City, talk to its leadership and if they can shift some of the core businesses from where they are to the Gift City," the minister said.

The minister said there were quite a few things on which greater coordination is required among the authorities dealing with the stock exchanges, and also among the regulators. They are not major concerns but it is possible to sit around the table and sort it all out. The minister also said that a bullion exchange will soon come into play for which all the necessary infrastructure inclusive of safe vault facilities have been built.

Sitharaman said there are immense possibilities for GIFT City to improve in a host of areas including on the volume of financial transactions and bond market activities.

The minister’s visit to GIFT City underlines the government’s commitment towards developing GIFT-IFSC as India’s premiere financial services centre for global financial flows into and out of the country. (ends)

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