News Brief

IFSCA Sets Up Expert Panel To Recommend Road Map For Development Of Longevity Finance Hub In Gujarat's GIFT City

Swarajya StaffThursday, July 15, 2021 1:10 pm IST
GIFT One building in Gujarat International Finance Tec-city (Gujaratin/Wikimedia Commons)
GIFT One building in Gujarat International Finance Tec-city (Gujaratin/Wikimedia Commons)

The International Financial Services Centres Authority (IFSCA), which has been established as a unified regulator to develop and regulate financial products, services, and institutions in the IFSCs in India, has set up an expert panel to recommend road map for longevity finance hub in Gujarat's GIFT city.

"IFSCA, in its endeavour to develop a Longevity Finance Hub in GIFT (Gujarat International Finance Tec-City) IFSC has constituted an Expert Committee to recommend approach towards development of Longevity Finance Hub and provide road map for the same," the Finance Ministry said in a statement on Wednesday (14 July).

According to the ministry, global estimates suggest that there are one billion people in the silver generation, a global cohort of individuals aged 60 and older, with a combined spending power of $15 trillion and the size is ever expanding.

"Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products," it added.

The expert committee set up by the IFSCA will be co-chaired by Kaku Nakhate, President and Country Head (India), Bank of America, and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited.

The committee members comprise of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy, the ministry said.

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