New Delhi, June 27 (IANS) 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

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