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Nirmala Sitharaman
Indian finance minister Nirmala Sitharaman today chaired a review meeting, along with a team of Secretaries from the Ministry of Finance and Ministry of Corporate Affairs, on the development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar.
During the meeting, Sitharaman emphasised the need for recognition, recognise and support of the identified pathways to elevate GIFT City as a premier financial hub.
Sitharaman said GIFT City should emerge not only as a lively international centre but also as a global leader in devising solutions to intricate financial challenges, especially in the climate of the current global economic headwinds.
The Union Finance Minister underlined that since GIFT IFSC has been recognised as a fast-moving International Financial Centre, priorities should be set out for attracting more and more business and creating large-scale investment.
She further exhorted both IFSCA and IRDAI to proactively engage with leading global insurance companies to establish GIFT as a premier global hub for insurance and reinsurance.
Union Finance Minister also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) in ensuring disintermediation and efficient price discovery and suggested RBI pilot the import of TRQ gold under UAE CEPA through IIBX, which can pave the way for Indian banks efficiently using the IIBX platform.
She also mentioned emerging niche areas such as logistics for precious metals, global insurance, aircraft-and-ship leasing should expand the portfolio of services offered by GIFT City.
The Union Finance Minister also appreciated swift actions in streamlining approvals and accelerating infrastructure development, especially to the two Australian universities in line with the Budget 2022-23 announcements. This has helped in attracting interest from numerous global universities in the GIFT-IFSC, she said.
The introduction of amenities such as a central park and food courts has notably enhanced the vibrancy and appeal of GIFT City, Smt. Sitharaman added.
Union Finance Minister also asked that the Direct Listing of Indian shares on IFSC exchanges already approved by the Government of India must be advocated amongst relevant stakeholders.
With reference to making GIFT City as the global hub for accounting and financial back-office functions, Smt. Sitharaman noted that a comprehensive legal framework, catering to accounting, auditing, and taxation professionals will soon be in place to enable them to provide the services to the world. Additionally, the Union Minister urged all financial sector regulators to collaborate in stimulating business activities in GIFT-IFSC.
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