IFSCA readying a single window clearance system for India as a data embassy

The International Financial Services Centres Authority (IFSCA), a regulatory body for the GIFT City, Gujarat International Finance Tec-City, also referred as GIFT City, being constructed in Ahmedabad district in Gujarat, is readying a framework for setting up a single window clearance system for data embassies. As per the Interim Budget announcements, the establishment of data embassies in GIFT IFSC will be facilitated through bilateral agreements between India and interested countries. Their promotion in the GIFT City was first announced during the 2023-24 Budget.

By establishing data embassies, India can attract foreign and private sector investments, boost its digital economy, and highlight the quality of its IT sector. Additionally, the initiative can create employment opportunities, contributing to India’s efforts to become a global hub for data storage.

CT Bureau