GIFT City aims to attract one million NRIs by 2047 under Viksit Bharat vision
GS3Economy · S&T · Environment · Security· Infrastructure (energy, ports, roads, railways)· Prelims + Mains·
Why in news
IFSCA Chairman K Rajaraman shared GIFT City's vision to attract one million NRIs as investors by 2047 to bolster India's position as a global financial hub.
Background
GIFT City was launched in 2014 and received formal legal status in 2019. It has facilitated approximately $61 billion in external commercial borrowings for Indian companies in the last year.
Facts for Prelims
- BodyIFSCA: International Financial Services Centres Authority is the regulatory body for GIFT City.
- FactGIFT City houses over 400 funds managing nearly $20 billion abroad.
- FactApproximately $60 billion has flowed into India via GIFT City.
- PlaceGIFT City: Located in Gujarat, India.
For Mains
Q. Discuss the role of International Financial Services Centres (IFCs) like GIFT City in attracting foreign investment and strengthening India's position in the global economy.
Dimensions to cover in your answer
- Ease of doing business
- Capital inflow and FDI
- Financial integration
- Role of diaspora investment
Keywords: Financial Hub · External Commercial Borrowings · Viksit Bharat · Capital Mobilization · Regulatory Framework
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