Govt move to notify GICs as fin services at IFSC to spur MNC investment

Govt move will boost job creation, give a leg-up to social infrastructure in and around Gift City

The government’s move to notify global in-house centres (GICs) as financial services at the International Financial Services Centre (IFSC) – set up at the Gujarat International Finance Tec-City (GIFT City) – may prompt several foreign banks, asset managers and insurance companies to set up subsidiaries there.
 

On Friday, the government notified GICs – service delivery operators that are typically in low-cost geographies – as financial services within the GIFT City. This will allow multinational corporations (MNCs) to set up subsidiary firms at the IFSC to serve their global operations.
 

The entities will enjoy a tax holiday of 10 years, which