India’s most GIFTed city

WHY IN THE NEWS?

India’s first International Financial Services Centre (IFSC) in Gandhinagar seems to be moving up, at least on paper, after delays in land acquisition, infrastructure development snags and political crosswinds.

About IFSC & GIFT

• Promoted as India’s offshore alternative to Singapore, Hong Kong and London, the IFSC is located in an under-development “smart” township called Gujarat International Financial Tec-city (GIFT).
• In April 2015, the then finance minister unveiled IFSC regulations at GIFT city to set in motion the process of laws for setting up tax paradise within India.
• GIFT City was conceived as a public-private partnership (PPP) project so that it could be developed in a fast track mode.
• India International Exchange, the country’s first international stock exchange, was inaugurated at GIFT city in January 2017