GIFT City

He met representatives of the Jewellery sector in Gujarat and asked them to discover competitive prices for gold through India’s international bullion exchange (IIBX)

Union Commerce Minister Piyush Goyal on Monday reviewed the functioning of the GIFT special economic zone (SEZ) and issues with respect to regulatory aspects of the operation of SEZ. 

The minister interacted with industry representatives at GIFT city. 

Goyal took to Twitter and wrote, “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.”

He met representatives of the Jewellery sector in Gujarat and asked them to discover competitive prices for gold through India’s international bullion exchange (IIBX).

“India International Bullion Exchange (IIBX), GIFT City is one of its kind globally. Urged representatives of the Jewellery sector to discover competitive prices for gold through IIBX. Also explained how India-UAE CEPA is a huge window of opportunity for them,” he tweeted. 

Goyal also issued directions to improve the trading of gold on the IIBX, including enabling the utilisation of the TRQ on gold obtained in the UAE free trade agreement (FTA) to 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. 

“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. 

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.