Budget 2024: IFSC, IFSCA created robust gateway for overseas capital flow: FM Nirmala Sitharaman

Budget 2024: Finance Minister Nirmala Sitharaman on Thursday said GIFT IFSC and unified regulatory authority IFSCA have created a robust gateway for the flow of overseas capital.

The objective of GIFT IFSC (International Financial Services Centre) located at Gandhinagar in Gujarat is to develop and promote the trading of global securities, including commodities and create leadership in deriving prices for such globally traded commodities.

International Financial Services Centres Authority (IFSCA) is a unified authority for the development and regulation of financial products, financial services and financial institutions in the IFSC in India.

Presenting the interim Budget for 2024-25, the finance minister said, "GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital and financial services for the economy".

At present, GIFT IFSC is the maiden international financial services centre in India.