Finance Minister Nirmala Sitharaman on Wednesday reviewed the progress of the GIFT International Financial Services Centre (IFSC) at Gandhinagar, emphasising the need to fast-track reforms and position the IFSC as a strategic gateway for global capital inflows into India.The Finance Minister stated that the development of GIFT IFSC must align with the broader vision of a ‘Viksit Bharat’ by 2047 and urged financial sector regulators to identify and support the aspirational growth needs of the IFSC ecosystem.
She underscored the importance of making GIFT IFSC competitive and cost-effective in order to attract high-net-worth individual (HNI) investments, adding that the International Financial Services Centres Authority (IFSCA) has the potential to mobilise large pools of capital, such as sovereign wealth and pension funds.
Highlighting bullion as a key area, Sitharaman called for scaling up operations at the India International Bullion Exchange (IIBX) and strengthening its role in global price discovery, aiming to ultimately position GIFT IFSC as a global bullion hub.The Finance Minister held detailed discussions with representatives from 21 institutions, spanning banking, insurance, capital markets, asset management, aircraft and ship leasing, payments, ITFS platforms, TechFin firms, and foreign universities.The meeting was also attended by Secretaries to the Government of India, senior officials from the Gujarat government, and top financial regulators, including the RBI, SEBI, IRDAI, and IFSCA.(Edited by : Ajay Vaishnav)
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