The financial services centre at Gift City in Gujarat, India, is an “opportunity for global investors to come in and participate in the India growth story,” K Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA), said during a conference, while promoting the centre to officials and professionals in Luxembourg, 26 February 2024. Photo: IBCL

The financial services centre at Gift City in Gujarat, India, is an “opportunity for global investors to come in and participate in the India growth story,” K Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA), said during a conference, while promoting the centre to officials and professionals in Luxembourg, 26 February 2024. Photo: IBCL

The International Financial Services Centres Authority in India, established in 2019 to simplify and streamline operations, is promoting Gift City as a one-stop hub for international financial services and seeks to foster collaboration with Luxembourg, said India’s top regulator.

Indian officials were in the grand duchy pitching local finance executives on entering the market through a special financial services zone.

Speaking to Delano on the sidelines of a conference on Monday 26 February, the International Financial Services Centres Authority chairperson, K Rajaraman, highlighted the business opportunities in India for the Luxembourg funds industry and finance professionals. The IFSCA is leading a business delegation from India and hosted a conference at ArcelorMittal’s premises to highlight the opportunities and capabilities of the Gujarat International Finance Tec-City (Gift City), a special economic zone dedicated to financial services. During the conference, the IFSCA emphasised the benefits such as liberal economic laws, regulations, compliance and tax incentives aimed at boosting economic activity within the sector.

During their visit to Luxembourg, the delegation, which included Indian government officials and business leaders, engaged with key Luxembourg financial entities including the ministry of finance, Luxembourg Financial Sector Supervisory Commission (CSSF), the Association of the Luxembourg Fund Industry, Luxembourg Private Equity and Venture Capital Association (LPEA) and Luxembourg House of Financial Technology, shared Rajaraman.

Rajaraman outlined the visit’s primary goal, stating “India will continue to grow at something beyond six and a half to 7% annually. So, this presents an opportunity for global investors to come in and participate in the India growth story.” He added that the delegation aims not only to promote the business opportunities but also to foster collaboration and cooperation between Luxembourg and India. He highlighted India’s strengths, such as its large, skilled workforce and digital and tech expertise, which make India an attractive destination for investments, which the International Financial Services Centre aims to leverage and enhance its position as a global hub for financial services. Rajaraman recalled the Indian government’s goal of transforming India into a carbon-neutral economy by 2070, requiring huge investments, including in infrastructure, which would come not only domestically but also through international cooperation and collaboration. Ready to learn and cooperate with European and global regulators and statutory partners, Rajaraman emphasised that the IFSCA aims to bring mutual benefits to its partners and the global investor community.

The event, co-organised by the Indian Embassy in Brussels and the Indian Business Chamber of Luxembourg, brought together over 80 professionals and officials. The delegation’s visit also includes a stop in Paris, on Thursday 29 February, to meet with French officials, regulators and stakeholders.