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Key Points

Finance Minister Nirmala Sitharaman emphasized accelerating reforms at GIFT IFSC to position it as a global financial gateway. She highlighted the need for modern infrastructure to attract top talent and boost foreign capital inflows. The minister also stressed expanding India’s bullion exchange to enhance price discovery and global competitiveness. These steps align with India’s vision to become a developed economy by 2047.

Key Points: Sitharaman Pushes GIFT IFSC Reforms to Boost Foreign Investments

  • Sitharaman calls for modern infrastructure to attract global talent
  • Stresses scaling up bullion exchange for price discovery
  • Urges regulators to align reforms with Viksit Bharat goals
  • Highlights tech and domestic market as key advantages
2 min read

Make GIFT IFSC more competitive to attract foreign investments: FM Sitharaman

FM Sitharaman urges faster reforms at GIFT IFSC to attract global capital, strengthen India’s financial hub status, and support Viksit Bharat vision.

"GIFT IFSC must leverage India’s tech and market advantages to become a global financial gateway – Nirmala Sitharaman"

New Delhi, June 27

GIFT International Financial Services Centre (IFSC) should be developed as a prominent gateway for global capital flows into India to feed the needs of high-growth sectors over the next two decades, Finance Minister Nirmala Sitharaman has stressed.

She underscored the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure, and stated that establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets.

During her visit to IFSC at GIFT City in Gandhinagar, the Finance Minister reviewed the progress and interacted with key market participants.

While commending the GIFT IFSC’s role in enhancing India’s global financial standing and acknowledging its impact on reshaping international financial engagement by Indian companies and individuals, she stressed on fast-tracking the reforms in next few years itself, to enable growth to align with the vision of ‘Viksit Bharat’ by 2047

Reiterating GIFT IFSC’s core mandate for focussing on bringing foreign capital into India through structured and well-regulated channels, FM Sitharaman also laid emphasis on the importance of Indian financial sector regulators to take initiatives for identifying aspirational needs of GIFT IFSC in this direction.

The Finance Minister indicated that the twin advantages of India pertaining to technology and availability of a very large domestic market and its financing needs must be leveraged to gain competitive advantage.

Given India’s status as a major gold importer, she stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, thereby positioning GIFT IFSC as a global bullion hub.

She also interacted with MDs and CEOs, chairpersons, founders and CFOs from banking, insurance, capital markets, funds industry, finance companies, payment services providers, aircraft and ship leasing firms, fintech firms, ITFS platform providers and foreign universities.

—IANS

- IANS

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Reader Comments

R
Rajesh K.
This is a visionary move by FM Sitharaman! GIFT City has huge potential to become India's answer to Singapore or Dubai's financial hubs. With our tech talent and growing economy, we must create world-class infrastructure to attract global investors. Jai Hind! 🇮🇳
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Priya M.
While the vision is good, implementation is key. We've seen many grand projects get stuck in bureaucracy. Hope GIFT IFSC gets proper policy support and doesn't become another 'achhe din' promise. The focus on bullion exchange is smart given India's gold obsession though!
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Amit S.
As someone working in finance, I can say GIFT City needs simpler regulations to compete with global financial centers. The tax benefits are good but operational ease matters more for foreign firms. Also, need better flight connectivity to Gandhinagar!
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Sunita R.
Great initiative! But we must ensure this development benefits ordinary Indians too, not just big corporations. More jobs, better financial products for middle class should be part of the plan. Also, hope they maintain environmental standards while building this smart city.
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Vikram J.
The gold exchange idea is brilliant! India imports so much gold - why should London or Dubai control prices? If we can become price-setters rather than price-takers, it will help our economy big time. Just need to ensure transparency and prevent any scams.
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Neha P.
Hope they focus on making it truly international - need more foreign banks and financial firms setting up shop there. Also important to have global standard dispute resolution mechanisms. Otherwise foreign investors will remain hesitant. Good start but long way to go!

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