Make GIFT IFSC competitive to attract HNI funds: FM Sitharaman

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman nudged financial sector regulators to pursue initiatives that catalyse the core mandate of the GIFT International Financial Services Centre (IFSC) to bring foreign capital into India through structured channels.

 

The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC’s progress, emphasised the need to make it competitive and cost effective to attract investments from high net worth individuals (HNIs) and mooted fast-tracking of reforms. She also highlighted the role of the IFSC Authority (IFSCA) in mobilising sovereign and pension funds. 

 

With India being a major gold importer, Sitharaman also stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, so as to position GIFT IFSC as a global bullion hub.

 

The review meeting included secretaries from the Centre, Gujarat Finance Minister Kanubhai Desai, and representatives from the Reserve Bank of India, Securities Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the IFSCA.