- GIFT City has two zones: “Domestic” and “SEZ”.
- GIFT SEZ is India’s first International Financial Services Centre (IFSC).
- Vision: To bring financial services transactions to India.
- These transactions are currently done outside India by overseas institutions.
- It aims to create an ecosystem similar to offshore locations (London, Singapore).
- Strengthening India’s Financial Sector:
- It is deemed a foreign territory for practical purposes.
- Allows offshore transactions in foreign currency.
- Banking, Insurance, and Capital Markets units can operate there.
- It aims to develop a strong global connect.
- It serves as an international financial platform for the region.