Indian Financial Code (IFC): ‘Sooner rather than later’ says Jaitley. The Government has been receiving large number of suggestions regarding introduction of IFC. IFC will replace as many as 61 laws that are in place hence this is a GIANT reform which is viewed as a bold step taken by Jaitley. IFC is going to be a highly thought-through regulatory system.

IFC disrupts existing regulatory structures and recreates a more cohesive, more accountable financial architecture that oversees nine important moving parts - consumer protection, micro-prudential regulation, resolution, capital controls, systemic risks, development and redistribution, monetary policy, public debt management, and contracts, trading and market abuse.

GIFT: Gujarat International Finance Tec-City is envisaged as International Financial Center and also has great prospects to become one. The idea for an international finance center was talked about many years ago since independence, but the Indian companies needed to expand their footprint globally. Since GIFT has taken its roots in Gujarat it will expand in Gujarat as a smart city with schools, hospitals, clubs, entertainment centers and so on to attract top talent from across the world. The urban infrastructure being planned is world class.

These are the mega-reforms that will reshape the contours of India as it becomes the world’s fastest-growing modern economy.

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