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