On Thursday, Union Finance and Corporate Affairs Minister Nirmala Sitharaman visited the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar, Gujarat. Her visit aimed to review the centre’s development and future plans. During her visit, she held a crucial meeting with key stakeholders. This included Gujarat Finance Minister Kanubhai Desai and top officials from various financial institutions, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the International Financial Services Centres Authority (IFSCA).
In the meeting, GIFT City and IFSCA presented proposed reforms to strengthen GIFT IFSC’s position as a global financial hub. Sitharaman praised the progress made so far. She highlighted the importance of accelerating reforms to meet the vision of ‘Viksit Bharat @2047’. This vision aims for India to be a developed nation by 2047.
Sitharaman stressed the need to attract foreign capital. She mentioned the importance of leveraging India’s technological strengths and large domestic market. This would make GIFT IFSC more competitive and cost-effective for High Net-worth Individuals (HNI) investments.
One key point discussed was the India International Bullion Exchange (IIBX). Sitharaman pointed out the need to boost its operations. She encouraged expanding stakeholder participation and enhancing price discovery. This would help position GIFT IFSC as a leading global bullion hub.
After the meeting, Sitharaman participated in a roundtable with leaders from 21 different sectors, including banking, insurance, and fintech. Participants shared their experiences and suggestions to improve business at GIFT IFSC. The Finance Minister appreciated their input and feedback.
Sitharaman reaffirmed the government’s commitment to developing GIFT IFSC. She aims to turn it into a major gateway for global capital. Additionally, she wants to transform GIFT City into a world-class smart city. This city will feature modern and sustainable infrastructure to attract global talent.
The Finance Minister’s visit is part of the government’s larger strategy to enhance India’s financial landscape. As GIFT IFSC continues to develop, it is hoped that it will play a crucial role in India’s economic growth. The focus remains on creating a conducive environment for international investments.
In summary, Nirmala Sitharaman’s visit to GIFT IFSC underscores the government’s commitment to making it a global financial hub. The emphasis on reforms, attracting investments, and enhancing infrastructure reflects a strategic approach to boost India’s presence in the global financial market.
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