Three major announcements for GIFT City – IFSC in Finance Minister’s budget speech

Gandhinagar: Union Finance Minister Nirmala Sitaraman in her budget speech made several announcement regarding Gujarat based GIFT-IFSC.

She said, ‘world-class foreign universities and institutions will be allowed in the GIFT City to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics free from domestic regulations, except those by IFSCA to facilitate availability of high-end human resources for financial services and technology.’

She further said, ‘an International Arbitration Centre will be set up in the GIFT City for
timely settlement of disputes under international jurisprudence.’

‘Services for global capital for sustainable & climate finance in the country will be facilitated in the GIFT City,’ she said.

As Finance minister was making this announcement, shouting of ‘Gujarat….for Gujarat…’ could be heard from opposition benches.

Shri Tapan Ray, MD & Group CEO, GIFT City, “ Today’s union budget announcements reiterate the commitment of Ministry of Finance towards energizing the regulatory ecosystem at GIFT IFSC which will have a huge multiplier effect for the country’s economic growth. The setting up of world class universities without any domestic regulation will facilitate skilled manpower in the financial services space. International arbitration centre  will strengthen the dispute resolution mechanism at GIFT IFSC & enhance ease of doing business at GIFT.

He further added, “The exemption of income tax would promote various business activities such as ship leasing & financing, offshore fund management and offshore banking activities in GIFT IFSC” DeshGujarat