Union Budget 2022: Int'l arbitration centre to be set up in Gift city, says FM Sitharaman

International arbitration centre will be set up in Gift city in Gujarat's capital Gandhinagar in a bid to provide faster dispute resolution, Finance Minister Nirmala Sitharaman announced on Tuesday while presenting Budget 2022-23 in the parliament. The city is located on the bank of river Sabarmati connecting the Business capital (Ahmedabad) and Political capital (Gandhinagar) of Gujarat State - The Growth Engine of India. According to previous reports, this international arbitration centre will be on the lines of the Singapore International Arbitration Centre or London Commercial Arbitration centre.

“World-class university to be allowed in GIFT IFSC free from domestic regulation, added the Finance Minister. 

Gandhinagar's Gift City 

Gift City regulator IFSCA had revealed that GIFT-IFSC, which is currently the country's sole international financial services centre, has an entirely separate financial jurisdiction with the International Financial Services Centre Authority (IFSCA) as the unified regulator that has a holistic view of the financial sector and enables its seamless integration. The IFSCA has been empowered under 14 separate Central Acts, its Chairman Injeti Srinivas had said.

According to the official website, GIFT City is an integrated development on 886 acres of land with 62 mn sq. ft. of built-up area which includes office spaces, residential apartments, schools, hospitals, Hotels, Clubs, Retail and various Recreational facilities. “GIFT City is a new Financial & Technology Gateway of India for the World,” the website reads. It added that the City is equipped with some of the latest technology and the best amenities available for its residents.

“The City is a catalyst for the Services sector growth in India and there is an opportunity for everyone to participate,” the website added. 

(Image: Sansad TV)