GIFT City has strengthened its position as a globally competitive international financial and business hub, with banking assets crossing $110 billion and capital commitments under fund management activities exceeding $32 billion.
Union Finance Minister Nirmala Sitharaman on Friday chaired a high-level review meeting on the progress of GIFT City and its expanding international financial services ecosystem at Gandhinagar, Gujarat.
Expanding global financial ecosystem
GIFT City currently hosts more than 1,150 entities operating across financial services, technology and allied sectors.
The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities, apart from international exchanges, fintech firms and international universities.
The review meeting was attended by P K Mishra, Principal Secretary to the Prime Minister, Gujarat Deputy Chief Minister Harsh Sanghavi, and senior officials from the Prime Minister’s Office, Ministry of Finance, Ministry of Corporate Affairs, Government of Gujarat, International Financial Services Centres Authority (IFSCA) and GIFT City.
Focus on future growth
During the meeting, officials made presentations on the progress achieved across banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing, fintech, bullion exchange, international education and allied services.
Discussions were also held on infrastructure development, ease of doing business, taxation framework, talent ecosystem, residential infrastructure and measures required to further strengthen GIFT City’s global competitiveness.
Key pillar of India’s financial architecture
Addressing the meeting, Sitharaman highlighted GIFT City’s strategic role in deepening India’s integration with global financial markets and facilitating international capital flows into the country.
She said the growth of GIFT City reflects India’s expanding economic confidence and global ambitions, supported by strong institutional frameworks, regulatory agility and a supportive ecosystem.
The Finance Minister also stressed the importance of futuristic policy discussions translating into immediate on-ground action, adding that continued coordination among stakeholders would further strengthen GIFT City’s contribution towards India’s Viksit Bharat 2047 vision.
PMO stresses world-class infrastructure
P K Mishra, Principal Secretary to the Prime Minister, underscored the importance of realising the Prime Minister’s vision for GIFT IFSC through world-class infrastructure and a strong talent ecosystem.
He also appreciated the progress achieved so far in building GIFT City into a globally recognised international financial centre.