GIFT City: Difference between revisions

Gujarat Maritime Cluster represents a total maritime business ecosystem that offers a way for shipping businesses to operate anywhere in the world, from one world-class location.It is conceived as a dedicated ecosystem of Ports, Maritime Shipping and Logistics services providers.It will host an array of maritime, shipping industry players and service providers, along with relevant Government regulatory agencies, in Gujarat International Finance Tec-City (GIFT City), Gandhinagar – India’s first International Financial Services Centre.

<ref>{{Cite web |last=Bureau |first=Our |date=2021-06-07 |title=India’s first International Maritime Cluster to come up at GIFT City |url=https://www.thehindubusinessline.com/news/national/indias-first-international-maritime-cluster-to-come-up-at-gift-city/article34751940.ece |access-date=2022-12-02 |website=www.thehindubusinessline.com |language=en}}</ref>The [[Gujarat Maritime Board]] (GMB), has developed such a cluster through its subsidiary Gujarat Ports Infrastructure and Development Company Ltd (GPIDCL).While the project was conceptualised back in 2007, it received in-principle approval from the state government in 2015.<ref>{{Cite web |date=2021-01-21 |title=Gujarat Maritime Cluster - JournalsOfIndia |url=https://journalsofindia.com/gujarat-maritime-cluster/ |access-date=2022-12-02 |language=en-US}}</ref>

This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector. The GIMAC will be part of a maritime cluster that the [[Gujarat Maritime Board]] (GMB) is setting up in GIFT City at Gandhinagar.<ref>{{Cite web |title=Gujarat International Maritime Arbitration Centre (GIMAC) |url=https://gmu.edu.in/about-gimac/ |access-date=2022-12-02 |website=Gujarat Maritime University |language=en-US}}</ref><ref>{{Cite web |last=Arora |first=Sumit |date=2021-07-09 |title=India’s first maritime arbitration centre to be set up in Gandhinagar |url=https://currentaffairs.adda247.com/indias-first-maritime-arbitration-centre-to-be-set-up-in-gandhinagar/ |access-date=2022-12-02 |website=adda247 |language=en-IN}}</ref>

** This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.

** The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.<ref>{{Cite web |title=The Gujarat International Maritime Arbitration Centre (GIMAC) |url=https://gimac.in/#:~:text=This%20will%20be%20the%20first,in%20GIFT%20City%20at%20Gandhinagar. |access-date=2022-12-02 |website=gimac.in}}</ref>

** '''India’s Focus on Arbitration:''' Recently, the Arbitration and Conciliation (Amendment) Act, 2021 was notified, considered as the landmark step towards making India as the hub of International Commercial Arbitration.

** There are over 35 arbitral institutions in India, however, none focus exclusively on the disputes related to the maritime sector.

*** With the state continuing to witness a rapid extension in maritime activities and inching closer to becoming a global maritime hub with the implementation of Gujarat Maritime Cluster project, a strong growing and recurring demand is being generated for a specialized facility for maritime arbitration services.

** The idea is to create a world-class arbitration centre focused on maritime and shipping disputes that can help resolve commercial and financial conflicts between entities having operations in India.

*** The arbitration involving Indian players is now heard at the Singapore Arbitration Centre.

*** Globally, London is the preferred centre for arbitration for the maritime and shipping sector.<ref>{{Cite web |title=Gujarat International Maritime Arbitration Centre (GIMAC) |url=https://www.drishtiias.com/daily-updates/daily-news-analysis/gujarat-international-maritime-arbitration-centre-gimac |access-date=2022-12-02 |website=Drishti IAS |language=en}}</ref>

** Facilitate faster dispute resolution.

** Enhance the attractiveness of GIFT Special Economic Zone (SEZ) among the International Maritime Community.

** Increase the ease of doing business.

** Reduce burden on courts.