The Minister of Finance approves three major projects worth over Rs500cr from IFSCA

The Minister of Finance approves three major projects worth over Rs500cr from IFSCA

The first was the proposal of Rs. 200 crore for a Head Quarter Building for IFSCA which has Rs 100 crore as Grant in Aid and the remaining Rs 100 crore as loan from the government. The second was the proposal of Rs. 269.05 crores for development of IT infrastructure of IFSCA and the third was the IFSCA FinTech Scheme of Rs 45.75 crore.

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman declared clearance to three key projects worth more than Rs 500 crore for International Financial Services Centers Authority (IFSCA) in her visit to GIFT-City in Gujarat’s Gandhinagar, informed the Ministry regarding Finance on Saturday. The union minister drives an assignment including the two Ministers of State for Finance and Secretaries from the Ministry of Finance and Ministry of Corporate Affairs to Gujarat International Finance Tec (GIFT) City,. FM Nirmala Sithraman likewise declared during the event that Department of Economic Affairs has quite recently last week endorsed three key proposals of International Financial Services Center Authority (IFSCA).

The Finance Minister said that it is Government of India’s endeavour to make India a global financial gateway through GIFT-IFSC at GIFT City.

FM Sitharaman also visited GIFT City and was given a glimpse into its unique features. The Finance Minister visited the Automated Waste Collection System (AWCS), the Underground Utility Tunnel, the Bullion vaulting Facility, as well as India INX. A presentation was also made to Smt. Sitharaman at India INX by NSE IFSC, India INX and IFSCA on the proposed International Bullion Exchange at GIFT IFSC given high demand for gold in India.

The Finance Minister said that the bullion exchange is expected to come into play soon for which all the necessary infrastructure inclusive of safe vault facilities are built and are operational and indicated that Bullion exchange will be a big game changer for India. Smt. Sitharaman exhorted officials to look at various ways in which more companies can get listed at GIFT IFSC, more transactions can happen here, more funds can be raised from here by companies, and how the bond market activities at GIFT IFSC can be improved, deepened and widened.

The Finance Minister also suggested that there is a need for an interaction with leading start-ups dealing with FinTech and other activities which are present in Bengaluru, Hyderabad, Gurugram and other locations. Smt. Sitharaman also urged the Government of Gujarat to explore options on facilitate leading start-ups to locate outside the IFSC but within the GIFT City so that the ecosystem which is necessary for global financial hub can be created.

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