IFSCA Seeks Approval for Foreign Ships at GIFT City

16 Nov 2023 CW Team

The International Financial Services Centres Authority (IFSCA) has reportedly requested approval to allow foreign-flagged ships to operate from the Gujarat International Finance Tech-City (GIFT City). This move is aimed at enhancing the maritime and shipping activities within the International Financial Services Centre (IFSC) at GIFT City, aligning with India's broader efforts to develop its maritime infrastructure and promote financial services.

IFSCA, the regulatory body for IFSCs in India, is seeking consent from the Ministry of Shipping to permit foreign vessels to operate from GIFT City. If approved, this initiative could bring several advantages, including increased maritime trade, improved connectivity, and the potential establishment of GIFT City as a comprehensive financial and maritime hub.

The integration of maritime and financial services is anticipated to attract global shipping companies and promote a conducive environment for maritime trade within the IFSC at GIFT City. This aligns with the vision of positioning GIFT City as a prominent global financial hub.

GIFT City, situated near Gandhinagar, Gujarat, is India's first operational smart city and serves as a dedicated financial and technological hub. The inclusion of maritime services within this ecosystem could further elevate its status and contribute to India's goal of enhancing its maritime infrastructure and connectivity.

The potential approval to allow foreign-flagged ships to operate from GIFT City aligns with the government's broader initiatives to boost trade, facilitate ease of doing business, and position India as a prominent player in the global financial and maritime sectors. The move reflects the synergies between the financial and maritime domains, creating new opportunities for international trade and commerce.

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