A gong resonates in Gandhinagar, Gujarat. Only, this isn’t a metallic one, but Prime Minister Narendra Modi’s digital gong, a vision to make India Digital and independent in terms Financial Power. Keeping the vision in Mind BSE’s first international exchange ‘India International Exchange (INX)’ has been opened early in this year at the country’s first International Financial Services Centre (IFSC) at the Gujarat International Finance-Tec (GIFT) City. With this, India has found a new place on the global financial map.
Here are few important things you must know about GIFT City:
- It is India’s first International Financial Services Centre (IF) which is a fully integrated city with a walk to work culture, it has the next-in-class infrastructure, connectivity, people, technology and legal framework – emerging as a platform for businesses across the world.
- The International Exchange (INX) will provide a platform for domestic companies to raise capital in foreign currency through bonds.
- IFSC houses several International Banking Units (IBUs) of banks that have already conducted business worth $1.5 billion
- It will operate 22 hours a day to allow international investors and non-resident Indians to trade from anywhere across the globe.
- It is one of the world’s most advanced technology platforms with a turn-around time of four microseconds.
- The concept of IFSC is simple but powerful. It aims to provide on-shore talent with an offshore technological and regulatory framework. This is to enable Indian firms to compete on an equal footing with offshore financial centers.
Leadership of GIFT City-
- Mr. Sudhir Mankad is the Chairman of GIFT City
- Mr. Ajay Pandey Managing Director & Group CEO of GIFT City
Recent activities at GIFT City-
- IFSC at GIFT City entered into an agreement with Gujarat National Law University (GNLU) to collaborate on efforts for Skill Development in the field of International Financial Services & Regulations.
- Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City).
- General Insurance Corporation of India (GIC Re) has become the first re-insurer to open an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).
- Ratnakar Bank limited (RBL) Bank announced the opening of its Indian Financial System Code (IFSC) Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City).