Retail participation in stock markets is another distinct feature of financial sector reforms by Govt, says Sitharaman
GIFT City should look at being a platform for green credits and build diverse fintech laboratory as it helps India become a manufacturing hub for shipping, Finance Minister Nirmala Sitharaman said on 11 Jan 2024.
Describing GIFT City as a fusion of technology and financial world, the Minister said there is a need to infuse the advantages of technology into financial services and provide advantages to India’s entrepreneurs in accessing global finance.
Sitharaman said most of the global financial hubs looked at capital only but GIFT City has the distinction of getting financial services infused with technology.
As India continues onwards to the path of financial prominence on the global stage, the Indian people want to become innovators and entrepreneurs, and GIFT City can help in realising these aspirations, she told delegates at the 10th Vibrant Gujarat Global Summit in Gandhinagar.
The Minister listed out the growing presence of operations at International Financial Services Centres (IFSC).
There are now 3 exchanges including an International Bullion Exchange, 25 banks, including 9 foreign banks, 26 aircraft lesser, 80 fund managers, 50 professional service providers and 40 fintech entities in the GIFT City.
She also pointed out the 8 ship leasing entities working in IFSC and enabling access to global finance.
Furthermore, retail participation in stock markets in India is another distinct feature of the financial sector reforms initiated by the government, Sitharaman informed delegates at the inaugural session of the seminar ‘GIFT City-An Aspiration of Modern India’, which was organised as part of the 10th Vibrant Gujarat Global Summit 2024, at Gandhinagar on 11 Jan 2024. Fiinews.com
