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GIFT City emerging as key pillar of India’s global financial architecture: FM Sitharaman

Gandhinagar, May 22 (IANS) India’s efforts to position itself as a global financial and investment destination received fresh emphasis during a high-level review of Gujarat International Finance Tec-City (GIFT City), where Union Finance Minister Nirmala Sitharaman noted that the International Financial Services Centre (IFSC) was helping channel international capital flows into the country through globally benchmarked institutional frameworks, regulatory agility and a supportive social ecosystem.

Addressing the review meeting on Friday, Sitharaman said GIFT City had emerged as an important pillar of India’s international financial architecture and reflected the country’s growing economic confidence and global aspirations.

“India, today, offered a unique combination of scale, technology and talent and growth opportunities. The ecosystem being developed at GIFT City was strengthening the country’s position in global finance and investment,” she said.

The Finance Minister also underlined the need for futuristic policy discussions to result in immediate implementation and measurable changes on the ground.

“The progress achieved so far is encouraging, and continued coordination among stakeholders will further strengthen GIFT City’s role in India’s growth journey towards Viksit Bharat @2047,” she said.

The review meeting focused on the development of the International Financial Services Centre ecosystem, institutional capacity building and infrastructure expansion aimed at attracting global financial institutions, investors and skilled professionals.

In his post-review address, the Principal Secretary to the Prime Minister, P.K. Mishra, highlighted the importance of translating the Prime Minister’s vision for GIFT-IFSC into concrete outcomes by bringing in skilled professionals and creating world-class infrastructure.

He also lauded the work undertaken so far towards developing the financial hub and stressed the need to continue strengthening the ecosystem to support GIFT City’s emergence as a globally competitive international financial centre.

At present, GIFT City hosts more than 1,150 entities operating across financial services, technology and allied sectors.

Banking assets at GIFT City have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion.

The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities, along with international exchanges, fintech firms and international universities.

Among those present were Deputy Chief Minister Harsh Sanghavi, senior officials from the Prime Minister’s Office, Ministry of Finance, Ministry of Corporate Affairs, state government, International Financial Services Centres Authority (IFSCA), and GIFT City officials.

–IANS

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Gujarat ATS arrests youth from Navsari for terror plot, recovers weapons

Navsari/Ahmedabad, Jan 27 (IANS) The Gujarat Anti‑Terrorist Squad (ATS) has arrested a youth from Navsari on suspicion of planning targeted killings aimed at “spreading terror and fear”.

The accused, identified as Faizan Shaikh, a resident of Charpul in Navsari district, was taken into custody on January 25.

Officials said preliminary investigations indicate that Shaikh, originally from Dundawala, Narpat Nagar in Rampur district of Uttar Pradesh, had been radicalised by the extremist ideologies of the banned organisations Jaish‑e‑Mohammed and Al‑Qaeda.

Officials further said Shaikh had been in contact with radical elements through online platforms and other channels.

Following his alleged radicalisation, he reportedly procured illegal weapons and ammunition to carry out attacks against selected individuals.

ATS officers recovered the weapons and explosive materials from his possession at the time of arrest.

“Initial investigation suggests that the accused had been preparing to execute targeted killings to instil fear and terror within the community,” an ATS officer said.

Authorities added that intensive interrogations are underway to determine whether Shaikh had any accomplices, and to trace the financial and logistical networks that may have supported him.

In the wake of the arrest, security agencies have heightened surveillance across Navsari and the broader South Gujarat region as a precautionary measure.

Officials are examining all possible links and sources of the arms and ammunition, while maintaining close coordination with other intelligence units.

This case comes nearly two months after a separate operation in which the ATS arrested three individuals allegedly planning attacks in different parts of the country.

In November, Ahmed Mohiyuddin Saiyed, a resident of Hyderabad, along with two men from Uttar Pradesh, Azad Suleman Sheikh and Mohammad Suhail Mohammad Saleem, were taken into custody.

Authorities said the trio had been radicalised by handlers from the banned Islamic State Khorasan Province, and several weapons and ammunition were recovered from their possession.

Saiyed had studied medicine in China and was reportedly involved in planning attacks at multiple locations.

The ATS has also made further arrests in Gujarat targeting suspected terror-related activities, underlining the continued vigilance of security agencies in the state.

–IANS

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MP HC to hear other parties before disposal of Union Carbide’s waste

Bhopal, Jan 7 (IANS) During a court hearing in Madhya Pradesh on Monday, the court said it would hear concerns raised by the other parties as well and then provide further direction for the disposal of Union Carbide’s hazardous waste.

Chief Minister Mohan Yadav said on Monday that his government has submitted the status report on the Union Carbide factory’s hazardous waste shifted from Bhopal to Pithampur.

He added that the court expressed its satisfaction on compliance of norms during the process of collection of hazardous waste-defunct Union Carbide factory in Bhopal and shifting it to Pithampur.

“The Madhya Pradesh government has requested for six weeks, which the court has granted. During this period, the government will try to resolve the issues and make a consensus and then will seek further direction from the court for disposal of waste,” the Chief Minister said in a statement.

CM Yadav said the waste has been transported from Bhopal to Pithampur complying with the court’s direction and further steps would be taken accordingly.

“Our priority is to win the confidence of the people of the state. We assure that every step for disposal of hazardous waste will be done as per the court’s direction,” he added.

Meanwhile, the Chief Minister also appealed to the people of the state not to believe in rumours and fake information regarding the disposal of hazardous waste.

During the hearing, the bench of Chief Justice Suresh Kumar Kait and Justice Vivek Jain instructed the media not to give incorrect news on the issue of waste disposal.

The court made this observation after the state government submitted that unrest had been caused in Pithampur township due to fictitious and fake news regarding the Union Carbide waste disposal.

Notably, complying with the court’s December 3 direction, the chemical waste lying at the defunct Union Carbide factory was collected in a three-day operation and loaded in 12 container trucks transported to Pithampur, around 40 km from Indore on January 2.

The hazardous waste was lying at the Union Carbide factory premises after on the intervening night of December 2-3, 1984, methyl isocyanate (MIC) gas leaked from the Union Carbide pesticide factory in Bhopal, killing at least 5,479 people and leaving thousands with serious injuries and long-lasting health issues.

–IANS

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