Maritime Cluster coming up at GIFT city gujrat

Question 1

What is a maritime cluster?

Answer 1

-agglomeration of firms, institutions, and businesses in the maritime (connected with the sea, especially in relation to seaborne trade or naval matters) sector that are geographically located close to each other.

[SEA TRADE RELATED GOSHTINCHYA FIRMS EK JAGI LOCATE HONE]
Ex. Rotterdam, Singapore, Hong Kong, Oslo, Shanghai, and London

Question 2

What are the Unique institutions at the Gujarat Maritime Cluster?

Answer 2

-Gujarat Maritime University

-Alternate Dispute Resolution (ADR) Centre will be set up.
This centre will provide an option to Indian players seeking to avoid availing the services of international alternate dispute resolution hubs which entail huge costs, time, and travel

-expected to house the office of the Director General of Shipping.

[MARITIME UNIVERSITY ; DISPUTE RESOLUTION CENTRE ; DIRECTOR GENERAL OF SHIPPING OFFICE]

Question 3

What is the need?

Answer 3

To bring back businesses that have migrated over the years to foreign locations due to the absence of the right ecosystem in the country.

Gujarat has a lot of ports and handles 40 per cent of the country’s cargo, but we have not targeted the entire value-chain.

[SODUN GELELE BUSINESS PARAT ANANE]

Question 4

What is International Financial Services Centre?

Answer 4

-An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of Financial Institutions (such as banks, insurance companies, etc.) to India.
[FOREIGN MADHLYA INDIAN CORPORATE ENTITIES NA INDIA MADHE ANANE]

-It offers a business and regulatory environment that is comparable to other leading international financial centres in the world like London and Singapore.
[BUSINESS REGULATORY ENVIRONMENT PROVIDE KARANE]

-IFSCs are intended to provide Indian corporates with easier access to global financial markets, and to complement and promote further development of financial markets in India.
[INDIAN CORPORATES NA GLOBAL FINANCIAL MARKET CHA EASY ACCESS PROVIDE KARNE]

-The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
[FIRST IFSC -> GANDHINAGAR]