New Delhi:

The Department of Science and Technology, Government of Gujarat signed a Memorandum of Understanding (MoU) on Saturday with the technology company IBM to establish and promote an AI Cluster leveraging IBM’s Watson to foster innovation and collaboration among financial institutions in Gujarat International Finance Tec (GIFT) City.

According to the MoU, financial institutions in GIFT City will gain access to AI Sandbox, assistance in providing proof of concept, AI Literacy programs, and Digital Assistant Solutions.

Speaking on the occasion, Gujarat Chief Minister Bhupendrabhai Patel, “This MoU with IBM will help Gujarat to lead the country in efforts to adopt AI and drive digital transformation.”

As part of this MoU, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customize and fine-tune large language AI models in a sandbox environment. IBM will also aim to build a Digital assistant-based solution that facilitates the onboarding and integration of these customized large language models for financial institutions.

“Using AI for business is a strategic priority for enterprises today to gain competitive advantage through better productivity, innovation and customer experience,” said Sandip Patel, Managing Director, IBM India & South Asia.

He also added “This collaboration is a significant step in our continued association with the Government of Gujarat to accelerate the digital transformation of the state. By establishing this AI cluster, our aim is to make the latest AI solutions easily accessible to the vibrant and growing number of financial institutions in GIFT City.”

IBM also stated that it will develop an AI curriculum for schools and universities across Gujarat, which aligns with its commitment to skill 30 million people by 2030 and train 2 million learners in AI by the end of 2026.

“These MoUs are very detailed. We are also working to expedite the AI adoption in MSMEs. It is our effort to bring this futuristic technology to the people” said Mona Khandhar Principal Secretary of the Department of Science and Technology during the signing of MoU.

The collaboration also includes literacy programs and certifications for professionals in the state to enhance the skill sets of professionals, preparing the state’s talent for the AI-driven future economy.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and can instead file a declaration.

The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India.

The Finance Ministry has amended Income Tax Rules exempting non-residents opening a bank account from the requirement of submitting PAN.

Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.

Nangia Andersen LLP Partner – Financial Services, Sunil Gidwani, said this relaxation would make it easy for foreign companies, NRIs and other non-residents to open a bank account with an IFSC bank.

“It will boost the liability/deposits side as well as the retail business segment of a bank in IFSC,” Mr. Gidwani said.

Air India expects the first A350-900 aircraft to arrive in India by the end of this year.
| Photo Credit: Reuters

Air India on September 29 said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.

This is also the first wide body aircraft to be leased through the GIFT City, the country’s first International Financial Services Centre (IFSC).

In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Limited (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.

Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year.

According to the release, the airline has successfully acquired India’s first Airbus A350-900 aircraft through a finance lease transaction with HSBC.

“This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group entity for wide body aircraft financing, playing a pivotal role in the future aircraft financing strategy for us and our subsidiaries,” Air India’s Chief Commercial & Transformation Officer Nipun Aggarwal said.

Watch | How Air India came back to the Tatas

International Financial Services Centres Authority (IFSCA) executive director Dipesh Shah said it has been working with the stakeholders to develop regulatory enablers for aircraft leasing and financing.

“The steps taken by Air India by establishing a finance company for the purpose of aircraft leasing and financing at IFSC will go a long way in developing IFSC as a preferred destination for aircraft leasing and financing in India as well as globally,” he added.

The airline has ordered six A350-900 planes and five of them are scheduled for delivery through March 2024. Apart from these, the airline’s firm orders for 470 new aircraft include 34 A350-1000s, 20 Boeing 787 Dreamliners, 10 Boeing 777Xs, 140 A320 neos, 70 A321 neos and 190 Boeing 737MAXs.

Air India signed purchase agreements to acquire these aircraft with Airbus and Boeing in June this year. Currently, Air India has a fleet of 116 planes, including 49 wide body aircraft. The total includes 27 B787-8s, 14 B777-300s, 8 B777-200LRs, 14 A319s, 36 A320 neos, 13 A321 ceos and 4 A321 neos.

Meanwhile, Tata Group is in the process of consolidating its airline business as part of which AIX Connect is getting merged with Air India Express and Vistara will be merged with Air India. Vistara is a joint venture between Tatas and Singapore Airlines, which holds a 49% stake in the carrier.