Vman Aviation Services signed Gift City’s first aircraft purchase agreement

Indian aircraft leasing company Vman Aviation Services, which is based out of International Financial Services Centre (IFSC) at Gujarat’s Gift City, became the first company from the business district to sign an aircraft purchase agreement after placing an order for an Airbus H125 helicopter.

Daily Current Affairs Quiz 2021

Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC).

An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders.

London, New York and Singapore can be counted as global financial centres. Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.

An expert panel headed by former World Bank economist Percy Mistry submitted a report on making Mumbai an international financial centre in 2007. However, the global financial crisis that unfolded in 2008 made countries including India cautious about rapidly opening up their financial sectors.