The winds of change are sweeping through India's financial landscape, and GIFT City stands tall at the epicenter. From direct listings on international exchanges to expanding tax benefits, the Indian government is actively building a global financial and IT hub within its borders.?
Here are some of the recent changes in GIFT City relevant to professionals in India:
- Direct Listing of Indian Companies: As of January 24, 2024, Indian companies can now directly list on international stock exchanges in GIFT City, namely India International Exchange (INX) and NSE International Exchange (NSE IFSC). This opens up new fundraising avenues for businesses.
- Extended Tax Benefits: Budget 2023 further extended the period of tax benefits for funds relocating to GIFT City until March 31, 2025. This incentivizes relocation and boosts financial activity.
- Single Window IT System: To ease approvals and registration, a single window IT system is being set up for IFSCA, SEZ authorities, and financial regulators. This streamlines the process for setting up businesses.
- Delegated Powers under SEZ Act: IFSCA has been given delegated powers under the SEZ Act, reducing dual regulation and simplifying compliance.
- Metro Connectivity: The GIFT City metro line is nearing completion, offering convenient access to Ahmedabad and boosting daily commutes.
- Expansion Plans: A draft redevelopment plan aims to expand GIFT City to 3,430 acres, with residential facilities, recreational areas, and a "GIFT Eye" Ferris wheel. This improves living and working conditions.
- Development of Social Infrastructure: Schools, clubs, parks, and other social amenities are being developed to enhance the quality of life for residents and professionals.
- Focus on Aircraft Leasing: Recent changes aim to make GIFT City an attractive hub for aircraft leasing, potentially rivalling Ireland and China. This creates opportunities in aviation finance.
- Growing Presence of Global Companies: Companies like IBM and Google are setting up offices in GIFT City, increasing job opportunities and attracting talent.
- Fintech Hub Potential: The government envisions GIFT City as a fintech hub, offering a regulatory sandbox and facilitating innovation in the financial sector.
Overall, these changes aim to make GIFT City a more attractive destination for professionals in various sectors, particularly finance, IT, and aviation. It's still under development, but the future looks promising for professionals seeking new opportunities and a globalized work environment.
