Business

Empowering India’s competitiveness across global platforms: GIFT IFSC

Empowering India’s competitiveness across global platforms: GIFT IFSC

Gandhinagar

As Global Markets restructure and adapt to the post-pandemic world, there is a huge opportunity for India to evolve into the new Asian destination for global investment and fund flows. The hub where these opportunities will fructify and become a reality is India’s first multi-service special economic zone with International Financial Services Centre (IFSC) status, the Gujarat International Finance Tech City (GIFT City), which offers world-class infrastructure and hi-tech facilities. Excellent connectivity links it to national and global business hubs, and the IFSC at GIFT City has been mentioned as being among the ‘top emerging business hubs in the world’.

With infrastructure that is benchmarked to global best practices, the IFSC at GIFT City has been created with the aim of providing a level playing field for Indian business in international markets. It facilitates Indian business organizations competing with global players without the need to set up an office at global finance centers like Singapore, Dubai or London. The IFSC at GIFT City offers flexibility in financial transactions with lower taxes and easier regulations as compared to other business hubs. For Indian companies looking at competing in the global market, being located within the IFSC at GIFT City is about being a part of India’s growth story on the global platform.

Recent moves by the authorities have seen enhanced activities which can be based within the IFSC. It offers tax advantages; benefits of being an SEZ and the advantage of a unified regulator. Over the past year, announcements which have created a buzz in India’s business network include setting up an International Bullion Exchange (IBE) within GIFT City, while approval has been granted to the Stock Holding Corporation of India (SHCIL) to start its custodial services in GIFT City. An international logistics park being set up within GIFT City seeks to boost FDI and bullion trades.

The recent changes in tax regulations such as waiver of several taxes like GST, dividend distribution tax and capital gains tax for entities operating in the IFSC, ensure a tax and supportive regulatory framework at GIFT IFSC which is comparable to any global financial center.

Advantages of setting up in the IFSC at GIFT City include 100 per cent exemption from Income Tax for the first 5 years and 50 per cent for the next 5 years; no Long Term Capital Gains Tax, no Securities Transaction Tax, no Commodities Transaction Tax, no Dividend Distribution Tax as also reduced MAT at 9 per cent.

GIFT IFSC is living up to the potential of being an investment gateway for India. Apart from providing a global financial platform, it also provides easy access to the fast-growing Indian economy for global investors. Volumes will witness fast growth with domestic players being encouraged to commence their global operations from GIFT IFSC.

As India works towards evolving to a US $ 5 trillion economy, for the IFSC at GIFT City, the path ahead is about growing the ecosystem, which will facilitate Indian companies to succeed on global platforms. It will go a long way in positioning India as an international financial center. The positive moves by Indian authorities come in the backdrop of GIFT IFSC reflecting growth in not just in terms of the global financial circuit, but also as a global trade and business hub. It has demonstrated the potential of creating large trade volumes. With the Indian economy in resurgence mode, especially post the pandemic, the positive steps reinforce the role of Indian financial services across the global marketplace, and GIFT IFSC is at the centre of it all. For all Indian companies looking to go global, the right place to be is the IFSC at GIFT City; and the right time is now.

The Jewel in the Crown: Hiranandani Signature

Offering world-class infrastructure and hi-tech facilities within the IFSC, Hiranandani Signature is the first fully functional commercial space within the IFSC. It incorporates green and sustainable design as per global best practices. It represents Green and Sustainable Construction, this ready to move in, fully function commercial tower offers boutique offices and large floor plates as per the business requirement. In the ‘new normal’ post the pandemic, it is the ideal ‘sustainable workspace for India’s business organizations with a global outlook.

The statuesque Hiranandani Signature is a state-of-the-art commercial tower which offers customized office space with amenities and facilities that include a robust telecom and IT infrastructure, uninterrupted power supply, ample parking space, 6 high speed elevators and 2 service elevators and social infrastructure including a cafeteria.

GIFT IFSC caters to the large financial services market as also forex and commodities, and Hiranandani Signature, as a unique commercial real estate offering, has welcomed lessors from these segments. It has also attracted enquiries from law firms dealing in international arbitration, companies from the Gens and Jewelry sector as also data centres.

At present, on-going negotiations include companies in Banking & Insurance, Capital Markets and trading, audit and law firms, IT/ITeS BPO/ KPO, export oriented services and aircraft leasing, among others.

Dr. Niranjan Hiranandani-CMD Hiranandani Communities

 

Add Comment

Click here to post a comment

Live TV