Piyush Goyal reviews functioning of GIFT Special Economic Zone

New Delhi [India], October 10 : Union Minister of Commerce and Industry Piyush Goyal on Monday interacted with industry representatives and reviewed the functioning of the GIFT special economic zone in Gujarat.
"Held a fruitful interaction with industry representatives at GIFT City. Discussed the benefits of setting up units here. Received excellent suggestions including those on exports promotion and 'Make in India' in manufacturing," Goyal said in a tweet after the meeting.
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, according to an official statement released by the Ministry of Commerce and Industry.
"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," Goyal 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 met representatives of the International Financial Services Centres Authority (IFSCA) at GIFT City and resolved various administrative issues with the office of the DC GIFT SEZ and IFSCA.
IFSCA is to participate in periodic review of exports with EPC and exporters done by the Minister to check as to how the IFSC financial infrastructure can be leveraged to increase exports.
"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 tweeted.
Goyal 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.
The Minister also gave directions to the Department for Promotion of Industry and Internal Trade (DPIIT) to explore whether the Startup ecosystem can benefit from the facilities available at GIFT city.
Earlier in the day, the Minister had interacted with young innovators and startups at i-Hub.
"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.