IFSCA Committee Report on Development of International Retail Business
Part of: GS Prelims and GS-III – Economy; Trade; Investment
- 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.