Finance Minister Nirmala Sitharaman during her visit to Gujarat’s GIFT City cleared three key proposals of the International Financial Services Centre Authority (IFSCA).
The first proposal entailed Rs 200 crore for IFSCA headquarters building which includes Rs 100 crore as grant in aid and the remaining Rs 100 crore as a loan from the government. The second for Rs 269 crores for the development of IT infrastructure of IFSCA and the third was the IFSCA FinTech scheme of Rs 45.75 crore. She said it is central government’s endeavour to make India a global financial gateway through GIFT-IFSC at GIFT City.
During her visit to the city touted as an upcoming financial hub, the finance minister also visited the Automated Waste Collection System (AWCS), the Underground Utility Tunnel, the Bullion vaulting Facility, as well as India INX.
“A presentation was also made to Sitharaman at India INX by NSE IFSC, India INX and IFSCA on the proposed International Bullion Exchange at GIFT IFSC given high demand for gold in India,” as per a Finance Ministry statement.
The Finance Minister said that the bullion exchange is expected to come into play soon for which all the necessary infrastructure inclusive of safe vault facilities are built and are operational and indicated that bullion exchange will be a big game changer for India.
The ministry statement further said that FM urged officials to explore ways in which more companies can get listed at GIFT IFSC, improve transactions and improve bond market activities at GIFT IFSC. In this regard, she said there is a need for an interaction with leading start-ups dealing with FinTech and other activities which are present in Bengaluru, Hyderabad, Gurugram and other locations.
She also urged the Gujarat government to explore options on facilitate leading start-ups to locate outside the IFSC but within the GIFT City so that the ecosystem which is necessary for global financial hub can be created.
The delegation led by Sitharaman to the Gujarat city held discussions various discussions on imploring ideas for the development and growth of India’s maiden IFSC at GIFT City.
During the visit, interactive sessions on capital markets and banking & insurance were held in parallel in which presentations were made by MD & CEO GIFT City followed by Chairman IFCSA. The presentations covered various aspects developmental journey of GIFT-IFSC and the way forward to further elevate the stature of GIFT.
