What is the News?
India and the United Kingdom(UK) held the inaugural meeting of the India-UK Financial Markets Dialogue virtually.
About India-UK Financial Markets Dialogue:
- India-UK Financial Markets Dialogue was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector.
- The dialogue was led by Finance Ministry officials from India and treasury officials from the UK.
- Focus of the dialogue: The primary focus of the dialogue was on four topics:
- India’s flagship international financial centre: Gujarat International Finance Tec-City (GIFT City);
- banking and payments;
- insurance and
- capital markets.
About International Financial Service Centre(IFSC):
- An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders.
- The Special Economic Zone(SEZ) Act, 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval from the central government.
- The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.