Budget 2022: The GIFT City
Gujarat International Finance Tec (GIFT) City, under construction, is to develop into a world-class smart city that becomes a global financial hub with the development of an International Financial Services Centre (IFSC). In the past months, IFSC has witnessed greater investment confidence from foreign investors aimed at exploring the domestic Indian market.
In the Union Budget 2022, FM Nirmala Sitharaman announced that world-class foreign universities and institutions will be allowed in the GIFT city to offer courses in financial management, fin-tech, science, technology, engineering, and mathematics free from all domestic regulations but will have to comply with those by the IFSC to facilitate access to high-end human resources for financial services and technology. Moreover, the finance minister also announced the setting up of an International Arbitration Centre in the GIFT City to facilitate faster and smoother dispute resolution.
The Union Budget, year on year, has been providing additions to the IFSC with the goal to attract world-class investments and is successfully converting it into the go-to financial hub of the country, meaning one-stop for all business and finance-related needs. While in the process of emerging as a platform to Indian banks for offshoring financial goods and services, the IFSC will also get a further boost due to other budget announcements regarding green bonds, cryptos, and further accelerate its growth for the coming future.