MELBOURNE, 31 August 2023: India’s GIFT city situated between Ahmedabad and Gandhinagar, and 2o km from Ahmedabad has been a global financial hub since 2015. Its technology backed eco system is well placed to compete with popular global financial hubs like Hong Kong and Singapore. The business ambience at GIFT city is laced with high tech IT services and other emerging technologies. It is a business hub where within India you have the status of a non-resident.
It is this business eco system that is being marketed in Australia. A delegation of the International Financial Services Centres Authority (IFSA) and the Institute of Charted Accoutants of India (ICAI) is here to promote the GIFT city here. Supported by the local ICAI Victoria chapter and the Indian Consulate, Melbourne, an informative session detailing the GIFT city concept and its benefits to interested Australian enterpuners took place at the Ernest and Young office here.
IFSCA Executive Director Mr. Dipesh Shah laid bare the benefits and facilities in the ultra modern city. Some of the points he explained were, i.e., for domestic law you are outside India, the place is export oriented, there are massive banking and financial facilities with a competitive tax regime among others.
He disclosed Australia’s Deakin University and the Wollongong University are to setup campuses there by the end of 2024. The UGC allows foreign universities to setup their units in India.
Addressing the gathering Dr. Sushil Kumar, India’s Consul General in Melbourne, welcomed the IFSA and ICAI delegation from India and expressed the hope their information will help Australian businesses planning to open shop in GIFT city and other areas of India. The atmosphere of healthy and strong Australia-India relations were a big boost to economic and business relations, he said.
A informative panel discussion on the opportunities at the GIFT city about its banking, capital markets, insurance, fin tech, fund management and foreign universities gave a fair idea to entice any business to be there. Those in the panel were Jiman Patel, Ernst & Young, Amit Phulwani, KPMG and Keyan Shah. A Q-A session following the panel discussion.
Australian businesses have been invited to visit the GIFT city and have a feel of the opportunities there.
