PM reiterates efforts to take GIFT IFSCA beyond traditional finance and ventures
Prime Minister Narendra Modi says the 80 fund management entities registered with the International Financial Services Centres Authority (IFSCA) have set up more than US$24 billion funds while 2 leading international universities have received approval to start their courses in GIFT IFSC in 2024.
Twenty-six aircraft leasing companies have started operations under the Framework for Aircraft Leasing which was released by IFSCA in May 2022, he said at the 2nd Edition of Infinity Forum is being jointly organized by the IFSCA and GIFT City on 9 Dec 2023.
The IFSCA has created 27 regulations and more than 10 frameworks opening up new avenues of investment during this period of economic turmoil.
Speaking about expanding the scope of IFSCA, the Prime Minister reiterated the government’s efforts to take GIFT IFSCA beyond traditional finance and ventures.
“We want to make GIFT City the Global Nerve Center of New Age Global Financial and Technology Services,” Modi said as he expressed confidence that the products and services provided by GIFT City will help solve the challenges facing the world and the stakeholders will have a huge role to play.
Citing estimates by economic experts, Modi noted India’s US$10 trillion requirement to achieve net zero target by 2070 will need a certain amount from global financial sources.
The Prime Minister further added that GIFT IFSC has emerged as a magnet that attracts the brightest minds of the financial and technology world.
He informed that IFSC houses 58 operational entities, 3 exchanges, including International Bullion Exchange, 25 banks, including 9 foreign banks, 29 insurance entities, 2 foreign universities, 50 plus professional services providers including consulting firms, law firms and CA firms.
The Prime Minister expressed confidence that GIFT City will be one of the best International Financial Centers in the world in the next few years.
Modi highlighted various facilities provided by GIFT City such as IFSCA’s Ship Leasing framework, large pool of IT talent, data protection laws and GIFT’s Data Embassy initiative providing secure facilities for digital continuity to all countries and businesses.
The theme of the 2nd edition of Infinity Forum was ‘GIFT-IFSC: Nerve Centre for New Age Global Financial Services’. Fiinews.com
