India exempts GIFT City units from licensing

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, US-based Genpact, and autoparts giant ZF Friedrichshafen ⁠were ​among the companies setting up ​treasury operations in Gift City.

-Reuters