Union Finance Minister Nirmala Sitharaman approved two proposals of the International Financial Services Centre Authority (IFSCA) worth ₹469 crore reassuring the government’s commitment to make Gujarat International Finance Tec-City (GIFT City).
Supervisory technology fund for IT infrastructure worth ₹269.05 crore and other was worth ₹200 crore is for IFSCA’s headquarter building.
The finance minister said, “Union Finance Minister Nirmala Sitharaman underlined the Government of India’s commitment to make GIFT City a world-class fintech hub as stated in the Union Budget 2021-22.”
The Union financial plan’s IFSC-related measures incorporate tax holiday for capital additions for airplane renting organizations, tax exception for airplane rent rentals paid to unfamiliar lessors, charge motivating force for relocating foreign assets in IFSC and exclusion to speculation divisions of foreign banks.
Sitharaman flew to Gandhinagar for a one-day review of GIFT city, India’s first International Financial Services Centre (IFSC) today.
During the meeting chaired by the Finance Minister, officials of GIFT City made a presentation. The presentation emphasized how the GIFT-IFSC is especially targeted towards companies in offshore banking, capital markets, offshore asset management, offshore insurance, IT services, BPO and ancillary services sectors.
It was noted during the presentation that GIFT-IFSC is rapidly emerging as a vibrant hub for novel and innovative activities such as aircraft leasing and fintech.
GIFT city is an integrated city built on 856 acres of land which includes office spaces, residential apartments, schools, hospitals, hotels, clubs, retail and various recreational facilities.