Latest news with #GIFT-IFSC
Economic Times
5 days ago
- Business
- Economic Times
House panel on finance pitches for more IFSC-like hubs in India
A parliamentary panel suggests expanding financial innovation zones beyond Gujarat's GIFT City. The committee wants the government to explore new fintech hubs in other major cities. This move aims to boost inclusive growth and attract diverse investors. The panel also emphasizes regular reviews of asset monetisation goals. It highlights the need for transparent tracking to fund new investments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The parliamentary standing committee on finance has urged the government to consider setting up satellite financial innovation zones or fintech clusters in other major cities while maintaining its focus on International Financial Services Centre (IFSC) in Gujarat's GIFT City as the core a report submitted with the Lok Sabha on Monday, the panel under senior BJP leader Bhartruhari Mahtab cited the growing demand for specialised financial services and called for exploring region-specific models for new IFSCs. Such models can draw 'inspiration from GIFT City's success to further integrate India into the global financial services landscape and bolster the nation's journey towards Viksit Bharat'.The panel stressed that while GIFT-IFSC is India's only such centre, China has 10 such hubs. Even other BRICS economies possess multiple financial such hubs would help foster inclusive growth, create talent pools and attract diverse investors, it acknowledged the Gujarat IFSC's improved ranking at 46th of 119 financial centres from its previous rank of 52nd in the Global Financial Centres Index . 'However, the committee believes further measures are essential to elevate GIFT-IFSC to a premier global financial hub, aligning with the vision of Viksit Bharat ,' it its submission with the panel, the finance ministry has said 'all efforts would be made' to meet the FY26 miscellaneous capital receipt target—comprising disinvestment and asset monetisation goals—of Rs 47,000 crore. In FY25, such receipts stood at only Rs 16,731 crore—Rs 6,600 crore from asset monetisation and Rs 10,131 from committee has, in its latest report, prescribed regular reviews of the government's asset monetisation goals in sectors, including road and railways, to ensure that the targets are met. The performance on asset monetisation needs to be 'rigorously and transparently' tracked, it said.'The committee opine that it is essential to stay on course to achieve the vision of asset monetisation as it will contribute to funding new capital investments, improving operational efficiencies and reducing fiscal burdens,' it added.
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Business Standard
5 days ago
- Business
- Business Standard
Parl panel suggests regional fintech clusters on lines of GIFT City
The Standing Committee on Finance has asked the government to explore region-specific models for new International Financial Services Centres (IFSCs) and develop similar models in other major metro cities to integrate India into the global financial services landscape. 'While maintaining focus on GIFT City as the core hub, the government may consider establishing satellite financial innovation zones or fintech clusters in other major cities to foster inclusive growth, create talent pools and attract diverse investors all contributing to the goals of Viksit Bharat,' the standing committee chaired by Bhartruhari Mahtab recommended. The report, tabled in the Lok Sabha on Monday, said that GIFT-IFSC in Gandhinagar, Gujarat was the country's sole IFSC unlike other major economies, including some BRICS nations like China which has 10 Centres. The International Financial Services Centres Authority (IFSCA) was established on April 27, 2020 under the IFSCA Act, 2019 as a unified regulator to promote ease of doing business in IFSC and provide a world class regulatory environment. The finance ministry in its reply to the committee, however, said that globally one can find only one international financial centre in a country and that this was done for optimum utilisation of resources. The finance ministry said that the reason for this strategy is that the mainland activities are not affected by the offshore activities. 'This provides an easy mechanism for the regulator to monitor one location and keep upgrading regulatory infrastructure at the said location,' the finance ministry said in its response. Meanwhile, the parliamentary panel noted that the GIFT-IFSC has improved its ranking on the Global Financial Centres Index [GFCI 37] to 46th place out of 119 financial centres evaluated from the previous 52nd rank. The panel suggested that measures such as further streamlining of policies, improving transparency, fostering financial education, enhancing digital infrastructure, regulatory sandboxes, simplifying taxation regimes, reducing compliance burden, can help GIFT-IFSC position itself as a premier global financial hub, in the years to come.
Time of India
5 days ago
- Business
- Time of India
House panel on finance pitches for more IFSC-like hubs in India
The parliamentary standing committee on finance has urged the government to consider setting up satellite financial innovation zones or fintech clusters in other major cities while maintaining its focus on International Financial Services Centre (IFSC) in Gujarat's GIFT City as the core hub. In a report submitted with the Lok Sabha on Monday, the panel under senior BJP leader Bhartruhari Mahtab cited the growing demand for specialised financial services and called for exploring region-specific models for new IFSCs. Such models can draw 'inspiration from GIFT City's success to further integrate India into the global financial services landscape and bolster the nation's journey towards Viksit Bharat'. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The panel stressed that while GIFT-IFSC is India's only such centre, China has 10 such hubs. Even other BRICS economies possess multiple financial hubs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo More such hubs would help foster inclusive growth, create talent pools and attract diverse investors, it said. It acknowledged the Gujarat IFSC's improved ranking at 46th of 119 financial centres from its previous rank of 52nd in the Global Financial Centres Index . 'However, the committee believes further measures are essential to elevate GIFT-IFSC to a premier global financial hub, aligning with the vision of Viksit Bharat ,' it said. Live Events Disinvestment and asset monetisation In its submission with the panel, the finance ministry has said 'all efforts would be made' to meet the FY26 miscellaneous capital receipt target—comprising disinvestment and asset monetisation goals—of Rs 47,000 crore. In FY25, such receipts stood at only Rs 16,731 crore—Rs 6,600 crore from asset monetisation and Rs 10,131 from disinvestment. The committee has, in its latest report, prescribed regular reviews of the government's asset monetisation goals in sectors, including road and railways, to ensure that the targets are met. The performance on asset monetisation needs to be 'rigorously and transparently' tracked, it said. 'The committee opine that it is essential to stay on course to achieve the vision of asset monetisation as it will contribute to funding new capital investments, improving operational efficiencies and reducing fiscal burdens,' it added.
Hans India
01-07-2025
- Business
- Hans India
FM Sitharaman meets key leaders in Spain to boost bilateral relations
Seville (Spain): Finance Minister Nirmala Sitharaman had several bilateral meetings on the sidelines of the International Business Forum Leadership Summit here, where she discussed cooperation in mutual areas of interest in defence, education, technology and agriculture, among other sectors. She met Dr Shane Reti, Minister of Science, Innovation and Technology, Universities, Statistics and Pacific Peoples, New Zealand. Both ministers discussed cooperation in mutual areas of interest in defence, education, technology and agriculture, and shared values rooted in democracy, rule of law, and robust people-to-people ties. The Finance Minister discussed the world-class opportunities available at GIFT-IFSC in terms of banking, bullion exchange, capital markets, funds ecosystem, FinTech, insurers and reinsurers. 'She noted educational exchange as a cornerstone of India-New Zealand relationship with many Indian students pursuing higher education in New Zealand,' according to a post on X by Finance Ministry. Dr Reti agreed to the need for enhancing education sector ties bilaterally, and also shared New Zealand's experience in engaging with the Pacific. The Finance Minister highlighted India's strong partnership with Pacific Island Countries, and looked forward to enhancing engagement along with New Zealand through the Pacific Islands Forum. She also met Elmer Schialer Salcedo, Foreign Minister of Peru, on the sidelines of the 'FFD4' meeting. The two leaders discussed deepening strategic partnerships across FinTech, trade, investment, mining and defence, as well as the potential for collaboration in infrastructure projects, particularly the railways, according to an official statement. FM Sitharaman highlighted India's expertise in building rail links and manufacturing of rolling stock. Salcedo said that he looked forward to India's participation in international bids for three rail links being developed in Peru. The Finance Minister shared India's interest in diversifying exports to Peru, especially in automobiles, pharmaceuticals, textiles, engineering goods, and IT services; and valued imports of critical minerals such as copper and lithium from Peru - a potential key for India's energy transition and industrial growth. She met Germany's Development Minister Reem Alabali Radovan and congratulated her on her recent appointment as Federal Minister for Economic Cooperation and Development. They discussed various mutual areas of collaboration under India-Germany Green and Sustainable Development Partnership including green and renewable energy, urban mobility and sustainable urban development; and sustainable livelihoods through ecology. Alabali-Radovan looked forward to strengthening bilateral relations with India and stated that Germany would like to have greater cooperation with India, said the Ministry.
Hans India
23-04-2025
- Business
- Hans India
Global CEOs should participate in India's growth: FM
San Francisco: Union Finance Minister Nirmala Sitharaman met global CEOs, pension fund managers and other institutional investors here, and discussed the opportunity for collaboration in the domain of energy and sustainability, the Rs1 lakh crore ($12 billion) corpus private sector–driven research, development, and innovation scheme, and GIFT-IFSC, among others. In the presence of Finance Secretary Ajay Seth and Vinay Mohan Kwatra, Ambassador of India to the US, the Finance Minister listened to their views on the reforms pursued by the Indian government, and gave feedback and observation on the existing policy framework. They spoke about their keen interest and commitment for a deeper and broad-based investment collaboration between the US and India and shared feedback on how to further facilitate and enhance the investment experience. The Union Minister thanked the participants for their valuable feedback and suggestions. In her one-on-one meetings with top CEOs, FM Sitharaman discussed opportunities in the fields of AI, Cloud and digital infrastructure. Jonathan Siddharth, CEO of Turing, expressed his desire to see India at the forefront of AI revolution and spoke about working in the domain of AI with India and through Indian contributors to create a sovereign model that can serve as a template for the world. The Finance Minister highlighted policy framework that has been put in place by India for AI, and encouraged Siddharth to explore opportunities for collaboration and fruitful engagement. DebanjanSaha, Chief Executive Officer at DataRobot, referred to India's potential to become an AI superpower and expressed interest in participating in the AI Centre of Excellence, for which the Union Budget 2025-26 recently allocated Rs 500 crore. The minister underlined the steps that the government has taken over years to boost digital infrastructure, including budgeting Rs10,300 crore for IndiaAI Mission, creating AI language technologies through BharatGen and Sarvam-1, and the establishment of the Srijan Centre for Generative AI at IIT Jodhpur.
