New Delhi: Finance Minister Nirmala Sitharaman called on regulatory bodies and parties in the gift city on Thursday to speed up efforts to attract more foreign capital into the country through structured and well -regulated mechanisms, and emphasized the need to build a financial center as a globally competing gate.
During his visit to the International Financial Services Center (IFSC) in the gift city of Gandhinagar on Thursday, Sitharaman stressed that the IFSC gift should be competitive and cost -effective to attract individual investments (HNI).
The minister, accompanied by a team of the Central Government secretaries to review his progress and consult the market participants in the gift city, also emphasized the potential of the role of the Office of International Financial Services (IFSCA) in mobilizing sovereign and pension funds in IFSC for the country’s financial needs.
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IFSCA is a unified authority for financial products, financial services and financial institutions in international financial services.
The Minister repeated the main mandate of the Center for Financial Services, which brings foreign capital to India through structured and well -regulated channels, and also emphasized the need for Indian regulatory bodies of the financial sector. Sithaman said India has the benefits and availability of a very large domestic market.
Sithaman’s inspection meeting at a high level was attended by Kanubhai Desai, Gujarat’s Minister of Finance, Energy and Petrochemics, Hasmukh Adhia, Chairman, Gift City Co. Ltd., K Rajaraman, IFSC Authority and officials from RBI, Sebi, Indai and IFSCA.
Officials of the Gift City and IFSCA presented key policies, regulatory and tax reforms focused on IFSC as a leading global financial center. Sitharaman emphasized its role in strengthening global financial status in India and acknowledged its impact on the transformation of international financial engagement by Indian companies and individuals.
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Due to the position of India as the main importer of gold, the Minister emphasized the need to expand operations to the Indian International Bullion Stock Exchange (IIBX) by extending the participation of the parties and strengthening prices, giving IFSC gift as global cells, the statement said.
Sitharaman interact with higher representatives from 21 institutions across banking, insurance, capital markets, funds, financial companies, payment services, aircraft and ships leasing companies, Techfin and foreign universities.
Market participants proposed other initiatives needed to grow financial services.
Sitharaman said IFSC should be developed as a prominent gateway for global capital flows to India to feed the needs of a high growth industry for Indian growth trajectory in the next two decades. It emphasized the importance of developing a gift city on a dynamic intelligent city, equipped with an integrated, modern and sustainable infrastructure of life.
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“Determination of such first -class equipment is necessary to attract top talents from both domestic and international markets,” the statement said, quoting the minister.
The government has a steadfast obligation to establish India as a leading global financial centers of financial services according to the vision of Prime Minister Narendra Modi for Viksit Bharat by 2047, the statement said.
(Tagstotranslate) Gift City (T) Nirmala Sithaman (T) Foreign Capital (T) International Center of Financial Services (T)
