IFSC Tonnage Operations Kick Off: Govt Amends ROFR Policy

The Indian government has made significant amendments to the Right of First Refusal (ROFR) policy as the International Financial Services Centre (IFSC) starts its tonnage operations. This development is a pivotal step towards establishing the IFSC as a global financial hub. Under the revised policy, it ensures that Indian tonnage capacity is utilized optimally for IFSC operations before being offered to foreign entities. The IFSC, located in Gujarat, aims to provide world-class financial services and attract international investors. The modified ROFR policy prioritizes Indian tonnage, promoting its utilization within the IFSC before extending opportunities to foreign players. This change is expected to boost the maritime sector's growth while facilitating economic activities within the IFSC. The government's commitment to creating a conducive environment for the IFSC's growth aligns with its aspiration to become a leading global financial hub, attracting investments and contributing to India's economic prosperity.