Indian companies would be able to list their stocks directly in the GIFT City soon, Finance Minister Nirmala Sitharaman assured on Thursday, even as the International Financial Services Centre’s chairman Hasmukh Adhia said efforts were afoot to make it an aircraft leasing hub.
Noting that most Indian airlines had leased a large part of their fleet, and had also ordered 2,000 more aircraft that would be delivered in the coming years, Mr. Adhia said that all the aircraft leasing activity currently happens in Ireland.
“We need to bring that activity to GIFT City as that will be big business but there are some issues of these companies and the lessors have got some issues. So we will sort them out… we’ll make sure that all these activities that are right now offshore will be brought onshore. That is our attempt by tweaking the regulatory framework,” he said.
Ms. Sitharaman said that attracting leasing entities to the financial services hub could also help India access finance for capital-intensive activities like ship-building and make the country a manufacturing hub for shipping lines.
“The much-awaited matter of direct listing of stocks in GIFT IFSC was announced earlier. We are going through the process in a very systematic manner and I am confident that it will happen at the earliest. With that, Indian companies should be able to access global funds easily being listed in India,” she averred.
Speaking at a seminar on GIFT City during the Vibrant Gujarat Global Summit 2024, she also urged the GIFT City administration to consider creating a platform for trading green credits, even as it is working on blended finance and de-risking mechanisms.
“Longevity finance is being explored and discussed by GIFT authorities which can open up opportunities in wealth management, insurance, pension and medical tourism,” the minister added.
Published - January 11, 2024 09:38 pm IST
