Units in India’s Gujarat International Finance Tec-City (GIFT City) will be exempt from the licensing requirement for chartering foreign vessels for export and import cargo movement, and international trade operations, the government said on Friday.
– GIFT city is being set up in Prime Minister Narendra Modi’s home state of Gujarat, in the country’s west, and offers easier tax rules and regulations.
– It is being promoted by the government as a financial centre to rival Singapore and Dubai.
– The exemption from licensing is an effort to simplify the regulatory framework governing the chartering of foreign vessels for international shipping operations, the shipping ministry said in a statement.
– It is expected to promote maritime leasing, ship financing, and ship-owning activities through Gift City, it said.
Reuters reported in May that telecom operator Bharti Airtel, U.S.-based Genpact, and autoparts giant ZF Friedrichshafen were among the companies setting up treasury operations in Gift City.
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