Atmanirbhar Bharat: FM Nirmala Sitharaman to lead delegation of secretaries to Gujarat for discussion on India's first International Financial Services Centre

IFSC has been set up to facilitate as gateway to global financial services for Indian corporates within India. It will also attracting global financial business to India and pave way for growth as Fintech global hub.

The Union Finance Minister will also be visiting key infrastructure facilities at GIFT City and interacting with various stakeholders/entities having presence in the IFSC. Source: PTI

Union Finance Minister Nirmala Sitharaman will lead a team of seven secretaries from the Ministry of Finance and Ministry of Corporate Affairs to GIFT City, Gandhinagar, for discussion on development and growth of India’s maiden International Financial Services Centre (IFSC) at the same venue on Saturday, November 20.

IFSC has been set up to facilitate as gateway to global financial services for Indian corporates within India. It will also attracting global financial business to India and pave way for growth as Fintech global hub.

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"The discussions is aimed at bringing together a confluence of ideas and strategies for faster development of GIFT-IFSC, which was created with the vision of onshoring offshore financial activities and thus embodies the spirit of Atmanirbhar Bharat," said a statement from the Ministry of Finance.

The Union Finance Minister will also be visiting key infrastructure facilities at GIFT City and interacting with various stakeholders/entities having presence in the IFSC. The visit underlines the commitment of GoI towards developing GIFT-IFSC as India’s premiere financial services centre and dominant gateway for global financial flows into and out of India, said the Ministry.

"In pursuit of the vision, collaborative efforts have been made by GoI, Government of Gujarat, GIFT City and International Financial Services Centre Authority (IFSCA), the unified financial sector regulator for GIFT-IFSC. This has been done to provide world class financial regulations, vibrant infrastructure, competitive tax regime and a plethora of opportunities for exploring innovative and diverse financial products and services, such as aircraft leasing, bullion trading and global in-house centres," read a statement from the Ministry of Finance.

With some of the best-in-league infrastructure for incubation of start-ups in the form of Fintech accelerators and lab being on the anvil, GIFT-IFSC is rapidly emerging as a thriving Fintech hub in the region. GIFT-IFSC also acts hosts global events such as ‘IFSC Beyond Boundary Fintech festival’ and hackathons.

The Ministers of State for Finance, Pankaj Chaudhary, and Bhagwat Kishanrao Karad would also be joining the discussions.

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