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

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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