Minister calls for GIFT City to be a premier global hub for insurance and reinsurance
A comprehensive legal framework, catering to accounting, auditing and taxation professionals, will soon be in place, making GIFT City as the global hub for accounting and financial back-office functions to provide services to the world, Finance Minister Nirmala Sitharaman said during a review meeting on growth and development of GIFT-IFSC at GIFT City, Gandhinagar.
Additionally, the Minister has urged all financial sector regulators to collaborate in stimulating business activities in GIFT-International Financial Services Centre (IFSC).
Chairing the meeting on 19 Aug 2023, Sitharaman took note of the development and growth of India’s maiden IFSC.
The Minister emphasised on the need for all stakeholders to recognise and support the identified pathways to elevate GIFT City as a premier financial hub so that it stands out as the best among its contemporaries on the global scale.
Sitharaman stressed that 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.
She underlined the need to attract more and more business and creating large-scale investment, and exhorted both IFSCA and IRDAI to proactively engage with leading global insurance companies to establish GIFT City as a premier global hub for insurance and reinsurance.
The Minister also emphasised on using maximum potential of Indian International Bullion Exchange IFSC (IIBX) in ensuring disintermediation and efficient price discovery and asked RBI to pilot the import of TRQ gold under UAE CEPA through IIBX, which can pave the way for Indian banks efficiently using the IIBX platform.
Sitharaman called for sunrise niche areas such as logistics for precious metals, global insurance, aircraft-and-ship leasing to expand the portfolio of services provided out of GIFT City.
The Minister 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 garnering interest from numerous global universities in the GIFT-IFSC.
The introduction of amenities such as a central park and food courts has notably enhanced the vibrancy and appeal of GIFT City, Sitharaman added.
The Minister also directed that the Government-approved Direct Listing of Indian shares on IFSC exchanges to be advocated amongst relevant stakeholders. Fiinews.com
