Chandigarh, Aug. 25 -- The Union ministry of finance has turned down local member of Parliament Manish Tewari's proposal to establish an International Financial Centre (IFC) in Chandigarh, modelled on the Gujarat International Finance Tec-City (GIFT City).

To bolster the region's economy and elevate India's position as a global financial powerhouse, Tewari, in December last year, had written a letter to Union finance minister Nirmala Sitaraman with his proposal.

He had pointed out how Chandigarh's geographic positioning as the shared capital of Punjab and Haryana, coupled with its proximity to Himachal Pradesh, placed it at the heart of north India's economic matrix.

During his Independence Day speech, Punjab governor and UT administra...