NEW LEGISLATION TO REPLACE SPECIAL ECONOMIC ZONES ACT

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The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing a Post Budget Press Conference, in New Delhi on July 05, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and the Secretary, Finance and Department of Economic Affairs, Shri S.C. Garg are also seen.
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing a Post Budget Press Conference, in New Delhi on July 05, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and the Secretary, Finance and Department of Economic Affairs, Shri S.C. Garg are also seen.
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WORLD-CLASS FOREIGN UNIVERSITIES IN GIFT CITY TO OFFER COURSES, LARGELY FREE FROM DOMESTIC REGULATIONS

INTERNATIONAL ARBITRATION CENTRE TO BE SET UP IN GIFT CITY

GIFT CITY TO FACILITATE SERVICES FOR GLOBAL CAPITAL FOR SUSTAINABLE & CLIMATE FINANCE IN THE COUNTRY

by PIB Delhi

“The Special Economic Zones Act will be replaced with a new legislation that will enable the states to become partners in Development of Enterprise and Service Hubs”, said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget for 2022-23, in Parliament today. She added that this would cover all large existing and new industrial enclaves to optimally utilize available infrastructure and enhance competitiveness of exports.

She also proposed various initiatives to make GIFT City more attractive.

GIFT-IFSC

The Finance Minister proposed that World-class foreign universities and institutions would be allowed in the GIFT City to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics free from domestic regulations, except those by IFSCA to facilitate availability of high-end human resources for financial services and technology.

       Smt. Sitharaman also proposed an International Arbitration Centre which would be set up in the GIFT City for timely settlement of disputes under international jurisprudence. Further, she said that services for global capital for sustainable & climate finance in the country would be facilitated in the GIFT City.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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