New Delhi, Feb 1 (SocialNews.XYZ) Union Finance Minister Nirmala Sitharaman on Monday said that the government will facilitate setting up of a world class fintech hub in Gujarat International Finance Tec (Gift) city.
She also announced several tax incentives to the International Financial Services Centre (IFSC) at Gift city while presenting the Budget in Parliament.
These include tax holiday for capital gains from incomes of aircraft leasing companies, tax exemptions for aircraft lease rentals paid to foreign lessors, tax incentive for relocating foreign funds in the IFSC and tax exemption to investment division of foreign banks located in IFSC.
"The slew of tax incentives announced for GIFT IFSC in today's Union Budget have once again reaffirmed the Govt of India's commitment to develop GIFT IFSC as a global financial hub," Tapan Ray, MD & Group CEO, GIFT City, said in a statement.
"The tax announcement would help in attracting global players in the Fund business, aircraft leasing & financing business and offshore investment banking sector to set up their base in GIFT IFSC."
He said that the development of world-class fintech hub at GIFT City will go a long way in promoting and developing Fintech start-ups. GIFT City would provide a platform to fintech firms to expand globally.
"The fintech hub will facilitate research, innovation and development of new age skills in fintech which will help in creating new job opportunities and attract quality talent to GIFT City," Ray said.
GIFT City is a planned business district that spans over 886 acres of land with 62 mn square feet of built up area which includes office spaces, residential apartments, schools, hospital, hotels, clubs, retail and various recreational facilities.
The city is located on the bank of river Sabarmati connecting Ahmedabad and Gandhinagar.
India is one of the fastest-growing fintech markets in the world. The fintech market in India is expected to reach Rs 6,207.41 billion by 2025, expanding at a compound annual growth rate (CAGR) of 22.7 per cent during the 2020-2025 period, according to ResearchAndMarkets.
Source: IANS
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