Sitharaman wants to make GIFT City a financial hub worldwide.

New Delhi, November 20, : Union Finance Minister Nirmala Sitharaman said Saturday that Centre wants to transform GIFTIFSC City in Gujarat into a global financial hubGujarat International Finance Tec-City (or Gujarat International Finance Tec-City) is a district of Gujarat.

Sitharaman led a delegation that included two Ministers of Finance as well as Secretaries of the Ministry of Finance, Ministry of Corporate Affairs and GIFT City.

She announced during her visit that the Department of Economic Affairs had just approved three important proposals for International Financial Services Centre Authority, (IFSCA), worth Rs 500 crore.The first proposal was for Rs 200 crore to build a Head Quarter Building at IFSCA.

It includes Rs 100 crore in Grant in Aid, and Rs 100 crore in loan.Official communique stated that the second proposal was Rs 269.05 cr for the development of IFSCAs IT infrastructure and the third was IFSCA FinTech Scheme, which was Rs 45.75 Cr." The minister also stated that bullion trading will soon be possible.All infrastructure, including safe vault facilities, has been built and is operational.

She said that India will see a major change with the launch of this bullion exchange.She also urged Gujarats government to investigate options for allowing leading startup companies to be able to work outside of the IFSC, but inside the GIFT City to create the global financial hub.ad-rv/skp #Sitharaman #GIFT #financial #Delhi.