Dipesh Shah: GIFT City aims to close gaps for deals
GIFT City is stepping up its game to attract financial deals that currently happen in hubs like Singapore and Dubai.
At a recent panel, Dipesh Shah, executive director of the International Financial Services Centres Authority (IFSCA), said the goal is to close gaps in products, skills, and rules so GIFT becomes a top spot for both incoming and outgoing investments.
Shah urges assessing routing to GIFT
Shah encouraged Indian institutions to assess whether activities currently routed through Singapore, Dubai, Mauritius and other financial centers could instead be conducted through GIFT City, saying it would boost India's financial scene.
The city already handles 70% of India's external commercial borrowing and has built a $40 billion fund ecosystem.
Leaders say the next step is building deeper expertise in areas such as risk management, data, complex products and technology, pointing out that GIFT just pulled off an aircraft buying deal by a GIFT City entity that involved financing from a GIFT-based bank, legal advice from a firm based there and trustee services within the center.