Union finance minister Nirmala Sitharaman calls for fast-tracking reforms at GIFT City
Ahmedabad: Union finance minister
Nirmala Sitharaman
on Thursday reviewed the progress of GIFT City in Gandhinagar and called for fast-tracking reforms to enhance its competitiveness and align it with the govt's vision of 'Viksit Bharat @2047'.
Reviewing the progress of the International Financial Services Centre (IFSC) in Gandhinagar, the minister said India must use its technological strength and large domestic market to position GIFT IFSC as a leading global financial hub. She also underlined the need to attract foreign capital through structured and well-regulated channels.
Sitharaman chaired two high-level meetings during her visit. One was with GIFT City officials and regulatory stakeholders along with state and central ministers and officials, and the second with market participants.
"Reforms must be implemented over the next few years to accelerate growth and attract foreign capital through well-regulated channels," she said. "India's advantages in technology and its large domestic market should be used to build competitiveness at IFSC.
Regulators must identify the financial sector's aspirational needs to support this effort," Sitharaman added.
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In a separate meeting with 21 market participants, she gave suggestions to improve the ease of doing business at the IFSC.
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"Efforts should be made to make GIFT IFSC more cost-effective and attractive for high net-worth individual (HNI) investments," she said. According to Sitharaman, there is also a need to mobilise sovereign and pension funds at the centre and align talent development with its growing mandate.
"India's position as a major gold importer should be leveraged to scale up the India International Bullion Exchange (IIBX) and strengthen price discovery, positioning GIFT IFSC as a global bullion hub," she said. GIFT City should also be developed as a modern, sustainable smart city with infrastructure that supports its role as a global financial hub and helps attract skilled talent, Sitharaman said.
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