Finance Minister Nirmala Sitharaman on Tuesday announced that an international arbitration centre will be set up at the GIFT City (Gujarat International Finance Tec-City) for timely settlement of disputes. 

The announcement came during the Finance Minister’s presentation of the Union Budget for the fiscal 20220-23.

Sitharaman also said that world-class universities will be allowed in the GIFT City to offer courses in Financial Management, FinTech, Science,
Technology, Engineering and Mathematics and that they will be free from domestic regulations. Only IFSCA (International Financial Services Centres Authority) regulations will be applicable to facilitate availability of high-end human resources
for financial services and technology. 

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Additionally, services for global capital for sustainable and climate finance in the
country will be facilitated in the GIFT City.

During her visit to GIFT City, located in Gujarat’s
Gandhinagar, in November last year, the Finance Minister emphasised on creating
a global financial hub and that leading startups operating across the country should
be invited to help create the necessary ecosystem for the same.

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She also underscored greater co-ordination
among stock exchanges and regulators for growth of global financial services
centre. She also said that the International Bullion Exchange coming up at the
GIFT City will be a big “game-changer” and an “important milestone” for the
country.

During the visit, she also announced
clearances for two proposals of Rs 469 corre for the IFSCA.

Meanwhile, Sitharaman delivered her shortest
Budget speech – at 1 hour and 32 minutes. The Budget seeks to lay the
blueprint to steer the economy over the ‘Amrit Kaal’ of the next 25 years –
from India at 75 to India at 100 – the 60-year-old said.

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The fundamental tenets of the Budget include
transparency of financial statement and fiscal position, and reflect the
government’s intent, strengths, and challenges, she said. Sitharaman said the
Budget continues to provide impetus for growth.