International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee in a bid to recommend approach towards development of Sustainable Finance Hub.

Key Points

• The expert committee is being chaired by C.K. Mishra, Former Secretary to the “Ministry of Environment, Forest & Climate Change”.
• In all, committee has 10-members, who will recommend ways to develop a sustainable financial hub.
• Committee comprise of leaders from the sustainable finance sector, including international agencies, funds, academia, standard setting bodies, and consultancies.

IFSC visualises GIFT-City as a global hub for sustainable finance and a gateway to channelize foreign capital into India. This committee was set up because, raising financial resources for climate change adaptation and its mitigation needs active participation of international investors.  Committee would help in developing the required ecosystem.

Government of India has set up the International Financial Services Centres Authority (IFSCA) in 2020 in order to develop and regulate international financial services centres in India. Primary goal of IFSCA is to promote ease of doing business across IFSC and to provide a world class regulatory environment.  Presently, there is only one IFSC called “Gift City” in Gandhinagar, Gujarat.

GIFT-City stands for “Gujarat International Finance Tec-City”.