India’s first International Financial Services Centre (IFSC) at the Gujarat International Finance Tech City (GIFT City) is one of the significant emerging IFSCs in the world. The IFSC has empowered the Indian Banking and Financial Services and Insurance (BFSI) sector as also other sectors like IT/ ITeS, stockbrokers, shipping, legal firms, etc. As business transactions grow and the IFSC lives up to its potential, hospitality remained something that had business visitors and guests opting for hotels in either Ahmedabad or Gandhinagar. The New Year sees GIFT IFSC offer its guests hospitality with ‘Grand Mercure’ opening its doors for global working populace out of IFSC at GIFT City.
An international financial services center (IFSC) at Hiranandani Signature in GIFT city is built to cater to the customers outside the jurisdiction of the domestic economy, dealing with flows of finance, financial products, and services across borders. It also facilitates other financial services like fundraising for government individuals and corporations. Insurance companies, pension funds, and mutual funds can undertake asset management and global portfolio diversification, wealth management services. It also allows risk management operations such as insurance and reinsurance. IFSC set up within SEZ also grants the additional benefit of global tax management providing a business opportunity for financial intermediaries, accountants, and law firms. Therefore, an IFSC plays a crucial role in enhancing the financial transactional position of the country on a global map.
The IFSC has empowered various sectors that operate from GIFT city, enabling them to compete with global players – without the need to set up an office at global finance centers like Singapore, Dubai or London. Growth of the Indian IFSC is imperative, so that its growth remains in tandem with global IFSCs. As different sectors have been allowed to operate out of the IFSC with the facility of a unified regulator as also enhanced connectivity, the Government is keen to uplift this dream fin-tech city project.
“To ensure that the IFSC delivers to its potential, there has been a need to ramp up and expedite social amenities and infrastructure, to provide ‘last mile connectivity’,” said Dr. Niranjan Hiranandani, CMD, Hiranandani Communities. The setting up of a hospitality amenity in GIFT City will cater to the demands of seasoned frequent travellers who till recently had to stay in hotels in Ahmedabad or Gandhinagar. This will a step closer to achieving ‘Ease of Doing Business’ in a conducive environment, enhancing the facilities for the floating population operating out of GIFT City, he added.
Located strategically between Ahmedabad and Gandhinagar, GIFT City defines the Indian BFSI sector’s pathway to global business. When Prime Minister Narendra Modi commenced business activities by ‘ringing the bell’ at the BSE’s global exchange on 09 January 2017, he did so in ‘Hiranandani Signature’, which is where the BSE’s Global Trading Exchange is located.
The IFSC has been given adequate support by amenities and facilities, and hospitality for global guests visiting GIFT City is also a given now, with the launch of its new property.