Enabling Professional Services: A Catalyst for Growth of GIFT-IFSC

Abstract

The purpose of this article is to highlight one of the most profound financial sector reforms undertaken by the Government of India in the recent past with establishment of GIFT-IFSC recognizing the imperative of integrating with the global financial system while acknowledging the challenges of immediate full capital account convertibility, and adopted a strategic "enclave approach". Subsequently, recognizing the need for a cohesive regulatory framework to nurture the IFSC ecosystem, the Government of India in the Ministry of Finance took a decisive step in December 2019 with the passage of the International Financial Services Centres Authority (IFSCA) Act for establishment of IFSCA. The IFSCA empowers GIFT-IFSC to realize its full potential as a dynamic hub for global finance, driving India's aspirations of becoming a leading player in the global financial arena. The article also talks about the importance of Professional Services providers including Cost and Management Accountants in the growth and success of an International Financial Services Centres by showcasing their contributions in the development of the financial services market in an international finance ecosystem.