Sitharaman chairs GIFT City review meet with IFSCA officials

Union Finance and Corporate Affairs Minister Nirmala Sitharaman held a high-level review meeting with officials of the International Financial Services Centres Authority (IFSCA) and GIFT City in Gujarat on Thursday. The meeting focused on assessing the ongoing developments at GIFT City and identifying key areas for future expansion.During her visit, Sitharaman chaired a separate meeting attended by Gujarat Finance Minister Kanu Desai, IFSCA Chairman K Rajaraman, and top representatives from the Finance Ministry, Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI). The session also saw participation from over 20 senior industry leaders representing major banks, insurance companies, capital market entities, fund managers, brokers, payment service providers, aircraft and ship leasing firms, TechFin companies, and higher education institutions.
The discussions centered around the current status of the GIFT City project, where over 865 entities have so far received in-principle and provisional approvals to establish operations at the International Financial Services Centre (IFSC). Key issues such as regulatory clarity, infrastructure development, and global competitiveness were highlighted during the interaction.
IFSCA conducted its 24th authority meeting on Wednesday,during which it approved a framework for transition bonds to facilitate sustainable finance. Additionally, the authority greenlit proposals for enabling third-party fund management services within IFSC and introduced new regulations to enhance innovation, operational efficiency, and ease of doing business for service providers operating in GIFT-IFSC.The finance minister’s visit reaffirmed the Centre’s commitment to positioning GIFT City as a globally competitive financial hub and promoting its growth as a destination for financial innovation and international investment.

(State Correspondent)