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Govt. does amendments to develop International financial service centre (GIFT city)

Published on February 02, 2023
Current context: In the 2023 Budget, Finance Minister Nirmala Sitaraman announced several measures to further boost its development
Govt. does amendments to develop International financial service centre (GIFT city)

  • The Gujarat International Finance Tech City (GIFT) is under construction and is being developed into one of the leading international IT and finance hubs.
  • Some of the measures include the establishment of Data Embassies in the GIFT city for countries seeking digital continuity solutions, setting up a subsidiary of the EXIM bank in GIFT City to provide acquisition financing and aid in trade re-financing, and making amendments to the IFSCA Act to avoid dual regulation and provide provisions for arbitration and ancillary services.
  • Additionally, the IFSCA will be given powers to set up a single window system to facilitate registration and approval from various authorities such as the SEZ, GST, SEBI, RBI, and IRDAI.
  • Tax benefits will also be extended to funds involved in the relocation to the IFSC and GIFT City. These measures are expected to enhance GIFT city greatly.
  • The changes would give GIFT city a boost. It is all a part of Acquisition Financing, where money is given to a business by banks to buy other businesses. The size of a smaller company will grow thanks to acquisition finance. Additionally, it will support the GoI's disinvestment plans.


Q.1 Which is India’s first greenfield smart city?
a. GIFT city
b. Kota
c. Ahmedabad
d. ‘Hyderabad

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