Union Finance Minister Nirmala Sitharaman recently visited the International Financial Services Centre (IFSC) located at GIFT City in Gandhinagar. During her visit, she assessed the progress of GIFT IFSC and engaged with 21 leading figures from diverse sectors of the financial industry.
At a high-level review meeting attended by various key officials, including Gujarat’s Finance Minister Kanubhai Desai and senior representatives from financial regulatory bodies, Sitharaman emphasized the importance of implementing quick reforms at GIFT IFSC. She mentioned that these reforms are crucial for aligning with India’s goal of becoming a developed nation by 2047.
Sitharaman commended GIFT IFSC’s contribution to strengthening India’s position in the international financial arena and emphasized the importance of drawing foreign investment through regulated means. She pointed out India’s distinct advantages, including its technological prowess and large domestic market, which can be utilized for competitive advancement.
The Finance Minister called for measures to improve GIFT IFSC’s competitiveness and cost-efficiency to attract high-net-worth investments to India. She also highlighted the potential role of the International Financial Services Centres Authority (IFSCA) in mobilizing sovereign and pension funds to fulfill the country’s financial needs, thereby aiding in the development of a skilled workforce prepared for future challenges.
Due to the significant amount of gold being imported into India, Sitharaman emphasized the need to enhance the operations at the India International Bullion Exchange (IIBX) in order to position GIFT IFSC as a leading hub for bullion trading on a global scale.
At a recent roundtable meeting, leaders from various sectors shared their experiences with the International Financial Services Centres (IFSC). They offered valuable insights aimed at fostering growth in the financial services industry. Sitharaman acknowledged their contributions and emphasized how important these discussions are for tackling challenges and encouraging business growth.
Ultimately, the Finance Minister reinforced the aim of positioning GIFT IFSC as a vital channel for global capital flows, thereby supporting India’s ambitious growth plans for the coming decades. She also emphasized the necessity for GIFT City to develop into a smart city with modern infrastructure to attract top global talent.
