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New Delhi: Finance minister Nirmala Sitharaman will on Saturday lead a delegation of seven secretaries from the finance and corporate affairs ministries to the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar to explore ways to further develop it as a financial services hub.

An official statement said the delegation comprising ministers of state for finance Pankaj Chaudhary and Bhagwat Kishanrao Karad and the secretaries would discuss attracting global financial business to India, the role of GIFT-IFSC as a gateway to global financial services for Indian corporates and its growth as a global fintech hub.

Sitharaman will also visit key infrastructure facilities at GIFT City and interact with stakeholders having presence in the IFSC.

The visit underlines the government’s commitment towards developing GIFT-IFSC as India’s premiere financial services centre and dominant gateway for global financial flows into and out of India, said the statement.

The talks will bring together ideas and strategies for faster development of GIFT-IFSC created with the vision of onshoring offshore financial activities and thus embodies the spirit of Atmanirbhar Bharat, the statement said.

The government has been trying to develop a financial services hub within the country similar to London and Singapore.

Collaborative efforts have been made by the central government, Gujarat government and the 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 opportunities for exploring innovative and diverse financial products and services such as aircraft leasing, bullion trading and global in-house centres, the statement said.

With sophisticated infrastructure for incubation of start-ups and global events such as fintech festival and hackathons being on the anvil, GIFT-IFSC is rapidly emerging as a thriving fintech hub in the region, the statement said.

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