Gujarat to get country's first IFSC
Updated: Mar 13, 2015 05:39:00pm
New Delhi, Mar 13 (KNN) GIFT City in Gujarat is expected to get country's first International Financial Services Centre (IFSC).
The Regulation for the IFSC will be issued by the end of march and the first such centre will be developed in the Gujarat International Finance Tec-City (GIFT City), which is located in the notified Special Economic Zone. Minister of State for Finance Jayant Sinha said in a written reply in the Lok Sabha today.
Earlier during the Budget 2015 last month the Union Finance Minister Arun Jaitley had said, creation of the IFSC would have a direct effect on the Indian economy through increased business growth leading to the creation of employment opportunities and significant contribution to India's GDP.
This would also help establishing an IFC which can compete on rules, regulations and ease of business with other IFSC such as Hong Kong, Singapore, Dubai and London," he later added.
GIFT City was conceptualized as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state’s chief minister.
Another such proposal is pending for long to develop Mumbai into an International Financial Services Centre (IFSC). Maharashtra Chief Minister Devendra Fadnavis said that the state government is already working in this regard, but much of the work is to be done by the Centre. (KNN/VV)
The Regulation for the IFSC will be issued by the end of march and the first such centre will be developed in the Gujarat International Finance Tec-City (GIFT City), which is located in the notified Special Economic Zone. Minister of State for Finance Jayant Sinha said in a written reply in the Lok Sabha today.
Earlier during the Budget 2015 last month the Union Finance Minister Arun Jaitley had said, creation of the IFSC would have a direct effect on the Indian economy through increased business growth leading to the creation of employment opportunities and significant contribution to India's GDP.
This would also help establishing an IFC which can compete on rules, regulations and ease of business with other IFSC such as Hong Kong, Singapore, Dubai and London," he later added.
GIFT City was conceptualized as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state’s chief minister.
Another such proposal is pending for long to develop Mumbai into an International Financial Services Centre (IFSC). Maharashtra Chief Minister Devendra Fadnavis said that the state government is already working in this regard, but much of the work is to be done by the Centre. (KNN/VV)
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