GIFT city poised to be gateway for investment hub: Sitharaman
Sitharaman said PM Modi had conceptualised the idea of GIFT City way back in 2007
- Economy News
- 2 min read
;'%3e%3cpath%20d='m8,15.99c4.41,0,7.99-3.58,7.99-7.99S12.41,0,8,0,0,3.59,0,8s3.58,7.99,7.99,7.99Z'%20style='stroke:%23fff;%20stroke-miterlimit:10;%20stroke-width:.02px;'/%3e%3cpath%20d='m3.08,3.37l3.82,5.11-3.84,4.15h.87l3.37-3.64,2.72,3.64h2.94l-4.04-5.39,3.58-3.87h-.86l-3.1,3.35-2.5-3.35h-2.94Zm1.27.64h1.35l5.97,7.99h-1.35l-5.97-7.99Z'%20style='fill:%23fff;'/%3e%3c/g%3e%3c/svg%3e){kind=small}
Gift City gateway investment: The GIFT City is ideally 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 a developed nation by 2047, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said today while addressing the seminar ‘GIFT City-An Aspiration of Modern India’, organised as part of the 10th Vibrant Gujarat Global Summit 2024.
Sitharaman said PM Modi had conceptualised the idea of GIFT City way back in 2007 when he was the CM of Gujarat and it has now expanded into becoming a major international financial hub. Sitharaman also said GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratories to achieve the target of India’s economy becoming $30 trillion by 2047, Sitharaman said today.
Sitharaman said there are now 3 exchanges including the 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.
Manufacturing Hub India
Advertisement
She added that India should aim to become the manufacturing hub for shipping and there are 8 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,” she added.
Advertisement
Describing GIFT City as a fusion of technology and the financial world, she 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 added that 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 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.