CISI Country Head, India, Ganesh Iyer, third from the right, with other delegates standing behind a model of GIFT City
Gujarat International Finance Tec-City (GIFT) is to be India’s first international financial services centre. The ambitious infrastructure project is marketed as a global financial hub that aims to be one of the major financial centres in the world. The project was initiated by Indian Prime Minister Shri Narendra Modi, who said: “To tie up with technology, to create a hub complete with infrastructure, to meet the needs of modern Gujarat, modern India and to create a space in the global financial world … that is my dream.”
Delegates convened at GIFT City in Ahmedabad on Tuesday 13 October, with a view to interacting with GIFT officials and understanding what the city is about, and to eventually form UK-Gujarat partnerships to create globally recognised financial services training. Ganesh (pictured right with other delegates and the GIFT City Managing Director, Mr Ajay Pandey) spoke about CISI qualifications and certifications that could be taken by firms taking up office within the city. Discussions are ongoing.
Work on GIFT began in 2012, and will be completed in three phases. It is currently in the first phase of development and is expected to be completed by 2024.
Following the initial introductory visit, the next step will be to liaise with companies at GIFT City next year. This will build on existing UK financial and professional qualification providers which have been active in India in areas such as accounting, insurance and wealth management.
The CISI is actively pursuing growth opportunities in India
The CISI established an office in Mumbai in 2006, which supports ongoing growth in CISI qualifications and membership, for individuals and firms to attain and maintain the highest standards of competence, behaviour and integrity. Last year saw an increase in the uptake of CISI exams in India by 50%, and the CISI is now actively pursuing other opportunities for growth in the area, of which GIFT City is one – pictured right is Ganesh participating in a press conference at the city.
The British High Commission in New Delhi said: "Demand for professionally qualified staff in India significantly outstrips supply. The UK is a world leader in providing educational resources from pre-school to university and beyond. Qualifications and learning offered by these UK institutes are recognised by employers around the world. The UK also has a global reputation for financial services and London is the world’s most important financial centre."
The delegation visited three cities, Delhi, Mumbai and Ahmedabad, and comprised representatives from six UK professional qualification providers: the CISI; the Chartered Institute of Management Accountants; the Chartered Insurance Institute; the Association of Chartered Certified Accountants; the Institute and Faculty of Actuaries; and International Association of Book-Keepers and Accounting Professionals. It was in response to the Indian Government’s ‘Skill India’ campaign, which recognises a need for more professionally qualified staff in India. This follows the launch of a UK-India financial partnership last year, signed by UK Chancellor of the Exchequer George Osborne and Indian Finance Minister Arun Jaitley.