IFSC to Turn as Gateway for International Businesses

By siliconindia  |  Tuesday, 22 September 2020, 11:02:10 AM IST

IFSC to Turn as Gateway for International Businesses
The International Financial Services Centres Authority (IFSCA) has constituted an expert committee of seven members to suggest measures to enhance international retail participation in IFSC.  This committee's interim report predicts that the IFSC could serve as a gateway for international business and would also provide a comprehensive range of financial services for Indian diaspora and others. 
The IFSCA committee has submitted its interim report on the development of international retail business in the IFSC that has the main focus on the banking sector. The panel consisting of industry experts that have set up by IFSCA and led by Injeti Srinivas is expected to draw a plan to enhance international retail business at the IFSC. This panel is chaired by Pradip Shah, Chairman of Indasia Fund Advisors. 
Pradip states, "There is immense immediate potential to promote international retail business in IFSC, and if done efficiently, it will meet three key objectives — boost job creation, generate additional revenue for India, and attract funds (especially from the Indian diaspora) for building India's infrastructure."
Furthermore, the member of the committee included G Srinivasan, former CMD of New India Assurance, Siddhartha Sengupta, former DMD of SBI, Prakash Subramanian, head- strategy Standard Chartered Bank, Shyamal Mukherjee, chairman at Pwc, Dipesh Shah, head, GIFT IFSC and Nitin Jaiswal, head of government affairs and strategic relations, Bloomberg Singapore. 
Commenting on the vision for GIFT IFSC, IFSCA Chairperson Injeti Srinivas says, "Our focus is to provide a best-in-class jurisdiction with progressive and light-touch regulation to create an attractive location for international financial services." He adds, "His vision is to establish GIFT IFSC as a 'dominant gateway' for global financial flows into and out of India, and simultaneously emerge as a major global financial hub."
Apart from channelizing the country's offshore business to IFSC located at the GIFT City and making it the gateway for India-centric international financial services, the main aim is to make India a global hub for international financial services on par with London, Singapore, Hong Kong, and Dubai. 
 

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