GIFT City’s Expanding Financial Ecosystem To Boost India’s Global Footprint: FM Sitharaman

Gandhinagar, May 23 (KNN) Union Finance Minister Nirmala Sitharaman on Friday chaired a high-level review meeting on GIFT City (Gujarat International Finance Tec-City) and its evolving international financial services ecosystem, describing India's first operational smart city and International Financial Services Centre (IFSC) as an important pillar of the country's international financial architecture.

The numbers underscore GIFT City's rapid emergence as a global financial hub. The ecosystem now hosts more than 1,150 entities operating across financial services, technology, and allied sectors. Banking assets have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion, PTI reported.

The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors, 36 ship leasing entities, and a growing presence of international exchanges, fintech firms, and international universities.

Key Themes from the Review

Sitharaman highlighted GIFT City's strategic importance in deepening India's integration with global financial markets and facilitating international capital flows, supported by globally benchmarked institutional frameworks, regulatory agility, and a supportive social ecosystem. 

She said India today offers a unique combination of scale, technology, talent, and growth opportunities, and stressed the importance of translating forward-looking discussions into ground-level action.

Gujarat Deputy Chief Minister Harsh Sanghavi, who was also present, noted that key discussions covered the expansion of banking, fintech, insurance, and fund management sectors; growth of Global Capability Centres (GCCs); aircraft and ship leasing; infrastructure development; global connectivity; ease of doing business; and talent attraction and urban development.

Sitharaman said the progress achieved so far is encouraging, and that continued coordination among stakeholders will further strengthen GIFT City's role in India's growth journey towards Viksit Bharat 2047.

(KNN Bureau)