The International Financial Services Centre Authority (IFSCA) has been making gradual progress since its inception and is of critical importance. Discuss (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 2 years
KEY POINTS
· IFSC has been making gradual progress since its inception in 2015, but it has gathered significant momentum since 2020.
· This has smoothed out the regulatory process and resulted in a spike in business activity in the GIFT IFSC. Financial players are interested in coming to GIFT City, and now it is easier to do so.
· The IFSC was set up by the Indian government under the leadership of prime minister with the ambition of developing a world-class financial services hub to connect IFSC in India with the global financial centres.
· Conceivably, Indian corporates or start-ups will have considerably more flexibility in considering listing venues with viable access to global funds located in their backyard and the same tax implications as overseas destinations.
· While traditional financial services remain at the core of the prospects of GIFT City, new tactics to encourage fintech and trade financing entities to set up shop are welcome innovations.
· A total of 22 banks, including eight international ones, have set up operations there. The insurance sector is also well represented, with four reinsurers and 17 intermediaries already registered with IFSC.
· Milestone moments like 75 years of Indian independence offer a good opportunity to reflect on the past and consider the future.
Ananta Kumar Muduli 2 years
Sir kindly evaluate
IAS Parliament 2 years
Good Attempt. Keep Writing.
K. V. A 2 years
Kindly review
IAS Parliament 2 years
Good attempt. Try to be more legible. Keep Writing.
Aravind R 2 years
Kindly review this mam/sir
IAS Parliament 2 years
Good Attempt. Keep Writing.
