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Bulking up IFSC: A wide-ranging expansion of its remit expected in Budget

FY23 will be aimed at making IFSC the centre to use rupee as a freely convertible currency

GIFT City
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GIFT City-IFSC, the foundation stone of which was laid in 2012, comes 76th on the list of the commonly used global index of the scale of business of international financial centres

Subhomoy Bhattacharjee New Delhi
The Budget next month is expected to announce a troika of measures that Finance Minister Nirmala Sitharaman hopes will be read as India’s biggest set of measures to draw in foreign capital. These are: the inclusion of India government bonds in global indices; expansion of the scope for rupee convertibility; and wide-ranging expansion of the International Financial Services Centre (IFSC) at Gandhinagar, Gujarat.

These have been fine-tuned for some time and have now come together. Of these, the most ambitious are the steps involving the IFSC. The troika is also significant since the government has raised foreign direct investment (FDI) limits

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First Published: Jan 24 2022 | 6:04 AM IST

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