Rajeev Kher Chairs IFSCA Committee to Make GIFT City a Global Trading Hub

Current Context: The International Financial Services Centres Authority (IFSCA) set up an expert committee on 22nd May 2024 to position GIFT IFSC in Gujarat as a ‘Global Trading Hub’.

• The committee is chaired by Mr. Rajeev Kher, a former Commerce Secretary.
• The committee’s mandate is to propose steps to promote GIFT IFSC as a Global Commodity Trading Hub, identify key groups of commodities for priority development in the IFSC ecosystem, and comprises distinguished members from various sectors.
• The initiative aims to facilitate IFSC’s financial integration with global trade flows, capitalise on integration opportunities with major commodity hubs and attract global investment flows into IFSC.

Question:

1. What is the main objective of the expert committee set up by the IFSCA?

• A) To establish a new IFSC in Mumbai
• B) To promote tourism in Gujarat
• C) To position GIFT IFSC in Gujarat as a ‘Global Trading Hub’
• D) To regulate the stock market in India

Answer: C) The International Financial Services Centres Authority (IFSCA) set up an expert committee on 22nd May 2024 to position GIFT IFSC in Gujarat as a ‘Global Trading Hub’.