Piyush Goyal reviews functioning of GIFT SEZ

New Delhi, Oct 10 (Bureau) Union Commerce Minister Piyush Goyal reviewed the functioning of the GIFT Special Economic Zone and issues with respect to regulatory aspects of operation of SEZ and the office of the DC GIFT in Gujarat, an official statement said on Sunday. “Held a fruitful interaction with industry representatives at GIFT City. Discussed benefits of setting up units here. Received excellent suggestions including those on exports promotion and ‘Make in India’ in manufacturing”, Goyal tweeted. The minister had interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of Gold; operationalising the Gold Spot exchange and reducing the cost of gold metal loans for jewellery exporters through Gift IFSC. “India International Bullion Exchange (IIBX), GIFT City is one of its kind globally.

Urged representatives of Jewellery sector to discover competitive prices for gold through IIBX. Also explained how India-UAE CEPA is a huge window of opportunity for them”, he tweeted. He also issued directions to improve the trading of Gold on the IIBX, including enabling the utilisation of the TRQ on gold obtained in UAE FTA be operated from IIBX. Goyal also met representatives of International Financial Services Centres Authority (IFSCA) at GIFT City and resolved various administrative issues with the office of the DC GIFT SEZ and IFSCA. “IFSC will be a key driver of economic growth with enhanced Ease Of Doing Business for global investors who will gain from the India growth story”, the Minister said in another tweet. The minister also interacted with various heads of units in GIFT city comprising Bankers, fund managers, derivative exchange management, aviation industry representatives among others and heard their issues with allied offices of C&I, DGFT and SEZ among others. He gave directions to the Department for Promotion of Industry and Internal Trade (DPIIT) to explore whether the Start up ecosystem can benefit from the facilities available at GIFT city. “Spirit of innovation integral to Gujarat and its people. Delighted to interact with young innovators and startups at i-Hub. Shared with them how PM Narendra Modi ji’s out-of-box thinking is paving the road for India’s future growth”, he tweeted.