IFSC chief: GIFT City inspires confidence in foreign investors

Rajaraman said the IFSC has given a great opportunity to legal talent. “I will say there is a great opportunity for the legal industry to make an impact on the world. Today GIFT Ciy is a piece of foreign territory where the FEMA does not apply so thankfully that will inspire more confidence for foreign investors….no restrictions on bringing in money or taking it out; No restrictions on repatriation of profits….In the domestic area, there are restrictions on job creation, opportunity for business, reciprocity… so many issues that affect the entry of legal professionals into the domestic area. There is an opportunity to create a jurisdiction free of those shackles,” said the IFSC Chairperson.

The idea, he recalled, took root some 20 years ago when the Prime Minister (Narendra Modi, then chief minister of Gujarat) visited Singapore. “He (Modi) was surrounded by Indian friends doing India-focus business sitting outside India. So he was asking them this question: why are you not in India? This gave him the thought process of how we can create an ecosystem by which we can help these companies come back. So this vision of onshoring all the off shore.”

In 2019, the centre under Modi’s leadership passed the International Financial Services Centre Authority Act that will form the basis of the international arbitration centre to come up.

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