Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, will lead a team of seven Secretaries from the Ministry of Finance and Ministry of Corporate Affairs to discuss matters of development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar on 20^th November, 2021. The Ministers of State for Finance, Shri Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad would also be joining the discussions.The discussions will focus on

1. The role of GIFT-IFSC as gateway to global financial services for Indian corporates within India
2. Attracting global financial business to India and
3. 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. The visit underlines the commitment of GoI towards developing GIFT-IFSC as India’s premiere financial services centre and dominant gatewayfor global financial flows into and out of India. The discussions will bring 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.

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

IFSCA regulation strengthens GIFT IFSC as a gateway to global financial services and promotes fintech and onshoring. GIFT IFSC is being developed as a gateway for cross border financial services and onshoring of offshore activities, focused on attracting global financial business and building a fintech ecosystem. Coordinated efforts by central and state authorities, GIFT City and the Unified Financial Sector Regulator aim to deliver world class regulation, infrastructure and a competitive tax regime to enable diverse products such as aircraft leasing, bullion trading and global in house centres, and to incubate fintech innovation.