January 12, 2023: The GIFT City is poised to be the gateway for financial and investment hub and has an important role to play in fulfilling the vision for India to become developed nation by 2047, said finance minister Nirmala Sitharaman. The minister made the remark while addressing the seminar, GIFT City-An Aspiration of Modern India, organised as part of the 10th Vibrant Gujarat Global Summit 2024, at Gandhinagar.
The finance minister said that Prime Minister Narendra Modi had conceptualised the idea of GIFT City way back in 2007 when he was the chief minister of Gujarat, and it has now expanded into becoming a major international financial hub.
Spelling out the vision of the PM in terms of green technology, Sitharaman said GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratory to achieve the target of India’s economy becoming $30 trillion by 2047, the minister added.
Listing out the growing presence of operations at International Financial Services Centres (IFSC), Sitharaman said there are now 3 exchanges, including International Bullion Exchange, 25 banks, including 9 foreign banks, 26 aircraft lesser, 80 fund managers, 50 professional service providers and 40 fintech entities in the GIFT City.
She further said India should aim to become a manufacturing hub for shipping and there are eight ship leasing entities working in IFSC that would enable access to global finance. Retail participation in stock markets in India is another distinct feature of the financial sector reforms initiated by the government, Sitharaman added.
Describing GIFT City as a fusion of technology and financial world, Sitharaman said there is a need to infuse the advantages of technology into financial services and GIFT City is designed to provide advantages to India’s entrepreneurs in accessing global finance. She said most of the global financial hubs earlier looked at capital only but the GIFT City has the distinction of getting financial services infused with technology.
The union minister said India is now driving the growth engine of the world and it can become the bridge between the developed Western world and the Global South and as India continues onwards to the path of financial prominence on the global stage, the people of India want to become innovators and entrepreneurs, and added that GIFT City can help in realising these aspirations.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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