The recent announcements at India’s first IFSC located in GIFT city Gujarat have created a buzz in India’s business network. The signing of a Memorandum of Understanding (MoU) to provide consultation for the establishment of the International Bullion Exchange (IBE) to be located within GIFT IFSC City holds the promise of making India an important hub in global bullion trade. Similarly, the Stock Holding Corporation of India (SHCIL) received approval to start its custodial services at International Financial Services Centre in GIFT City too augurs well for India’s global trade. An international logistics park being set up within GIFT City seeks to boost FDI and bullion trades.
These announcements come in the backdrop of uplifting India’s one and only IFSC in the global financial circuit and foster huge trade volumes. As Indian economic resurgence being a burgeoning issue, these announcements play and plug the role of Indian financial service as a global commodity. In this process, India's first global financial hub, GIFT IFSC is all set to play a major role.
Created with the aim of providing a level playing field for Indian business in the global markets, GIFT IFSC offers flexibility in financial transactions with lower taxes and easier regulations as compared to other Indian hubs. It offers trading in equities, currencies, and commodities, as well as a listing of international bonds.
“Prime Minister Narendra Modi has pitched for India to be the new Asian destination for global fund flows. As India’s only international financial hub, GIFT City will seek to be the hub where these opportunities fructify,” said Dr. Niranjan Hiranandani, CMD, Hiranandani Communities. “Given the positive impact of the recent initiatives, the next few years should see GIFT IFSC contribute $1 trillion to Indian industry and infrastructure – this will play a major role to help achieve the $5-trillion GDP target over the next few years,” he added.
For those who will be part of this process at GIFT City, Hiranandani Signature the designated IFSC offers ‘ready to move in’ commercial space options. The ready space shall facilitate early mover advantage which will help to grow business opportunities. GIFT IFSC is an ideal launchpad for global trade activities.
India's first multi-service special economic zone with IFSC status caters to the nation's large financial services market as also forex and commodities. It offers world-class infrastructure and hi-tech facilities. Within the IFSC, Hiranandani Signature is the first fully functional commercial space that incorporates green and sustainable design as per global best practices.
Hiranandani Signature is a unique commercial real estate offering and welcomes clients from the reinsurance sector, capital markets including equity share brokers as also the BFSI segment, which are all operational from the IFSC. In light of recent moves, Hiranandani Signature looks forward to welcoming companies from the Gems and Jewellery sector as also data centres.
Over the past few years, the Union Budget has provided opportunities that make GIFT IFSC an attractive alternative to operations in Singapore or Dubai for global operations by Indian financial and business organizations.
The recent policy announcements regarding GIFT IFSC are expected to give a tremendous boost to investor confidence both in India and abroad, and these are expected to place operations at GIFT IFSC in the fast track mode. It should see GIFT IFSC contribute $1 trillion to the Indian industry and infrastructure, playing a major role to help achieve the $5-trillion GDP target over the next few years.
Dr. Niranjan Hiranandani is CMD, Hiranandani Communities