 "Budget 2022: Int'l Arbitration centre at GIFT City for dispute resolution")
Finance Minister Nirmala Sitharaman on Tuesday announced the setting up of an international arbitration centre at the GIFT City – a planned business district in Gujarat – for timely resolution of disputes under international jurisprudence.
Market participants said such a move would ensure fast disposal of cases and will attract investors and enhance ease of doing business.
“An international arbitration center will be established in GIFT City to ensure the fast disposal of disputes in international jurisprudence. The Government has aimed at ensuring fast disposal of cases and avoiding repetitive appeals. This is bound to attract more investors and companies. These are positive steps towards decreasing the burden on the courts,” Prem Rajani, Managing Partner, Rajani Associates.
Further, it was also announced that foreign universities and institutions will also be allowed to offer courses in Financial Management, FinTech, Science, Technology, Engineering, and Mathematics at GIFT IFSC, free from domestic regulations, except those by International Financial Services Centres Authority, to facilitate availability of high-end human resources for financial services and technology. GIFT-IFSC is the maiden international financial services centre in India.
The finance minister also said that services for global capital for sustainable and climate finance in the country will be facilitated in the GIFT City.
Commenting on the budget announcements, Tapan Ray, MD & Group CEO, GIFT City, said, this reiterates the government’s commitment 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 said.
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