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IFSCA Committee Report on Development of International Retail Business

  • IASbaba
  • September 26, 2020
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IFSCA Committee Report on Development of International Retail Business

Part of: GS Prelims and GS-III – Economy; Trade; Investment

In news

  • The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development has submitted its interim report.
  • Aim of the Committee: To suggest how to develop international retail business in International Financial Services Centre (IFSC).

The committee suggests that the IFSC can aim at:  

  • Becoming a gateway to India growth story for international investors and business 
  • Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC
  • Serving domestic residents availing liberalized remittance scheme.

Important value additions

  • The Government of India had constituted the IFSCA with Shri I. Srinivas as its Chairperson. 
  • Objective: To develop and regulate the financial services market in the IFSC in India; (2) To make GIFT City a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai. 

Gujarat International Finance Tec (GIFT) City 

  • It is located on the banks of the Sabarmati River. 
  • It is India’s first operational smart city and international financial services centre. 
  • It was promoted by the Government of Gujarat as a Greenfield project.

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