Sitharaman reviews progress of India's first IFSC at GIFT City
Nirmala Sitharaman on Saturday chaired a high-level review meeting on the growth of India's first International Financial Services Centre (IFSC) at GIFT City, Gandhinagar. Sitharaman stressed the importance of recognizing and supporting the identified pathways to elevate GIFT City as a premier global financial hub. She echoed the vision of Prime Minister Narendra Modi, stating that GIFT City should not only be an international center but also a global leader in solving complex financial challenges, especially amid current global economic headwinds.
The meeting, organized by GIFTCL in collaboration with Gujarat government, was attended by key government officials and Indian financial sector regulators. During the meeting, presentations were made by chairman of GIFT City and the chairman of the International Financial Services Centre Authority (IFSCA), highlighting significant milestones and achievements in the IFSC's journey. The Gujarat government discussed the various policy supports and incentives extended to promote the IFSC.
Emphasizing GIFT IFSC's recognition as a fast-moving International Financial Centre, Sitharaman urged stakeholders to prioritize attracting more businesses and large-scale investments. She encouraged IFSCA and IRDAI to actively engage with leading global insurance companies to establish GIFT City as a premier global hub for insurance and reinsurance. Sitharaman also called for maximizing the potential of the Indian International Bullion Exchange IFSC (IIBX) to ensure efficient price discovery and disintermediation.
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