SME Times News Bureau | 20 Nov, 2021
Union Finance Minister Nirmala Sitharaman on Saturday said that the
Centre wants to make GIFT-IFSC city in Gujarat a global financial
Gujarat International Finance Tec-City is a business district in the state of Gujarat.
led a delegation which included two Ministers of State for Finance and
Secretaries from the Ministry of Finance and Ministry of Corporate
Affairs to GIFT City.
During her visit, she announced that
Department of Economic Affairs has just last week approved three key
proposals for International Financial Services Centre Authority (IFSCA)
worth Rs 500 crore.
"The first was the proposal of Rs 200 crore
for a Head Quarter Building for IFSCA which has Rs 100 crore as Grant in
Aid and the remaining Rs 100 crore as loan from the government. The
second was the proposal of Rs 269.05 crore for development of IT
infrastructure of IFSCA and the third was the IFSCA FinTech Scheme of Rs
45.75 crore," an official communique said.
Besides, the minister
said that the bullion exchange is expected to "come into play soon" for
which all the necessary infrastructure inclusive of safe vault
facilities are built and are operational.
This bullion exchange, once launched, will be a big game changer for India, she added.
addition, she also urged the government of Gujarat to explore options
to facilitate leading startups to operate outside the IFSC but within
the GIFT City so that the ecosystem which is necessary for global
financial hub can be created.