GIFT City Crucial In India's Development Vision: Nirmala Sitharaman

Gandhinagar, Jan 11 (KNN) Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, highlighted that the GIFT City in Gujarat is strategically positioned to serve as the gateway for a financial and investment hub.

She emphasised its crucial role in realising India's vision of becoming a developed nation by 2047 during her address at the seminar titled 'GIFT City - An Aspiration of Modern India,' held as part of the 10th Vibrant Gujarat Global Summit 2024 in Gandhinagar.

Detailing the Prime Minister's vision for green technology, Sitharaman emphasised that GIFT City should aspire to serve as a platform for green credits.

Additionally, she encouraged the development of a diverse fintech laboratory within GIFT City to contribute towards achieving the goal of India's economy reaching USD 30 trillion by the year 2047.

Enumerating the expanding operations within the International Financial Services Centres (IFSC), the Finance Minister highlighted the increased presence of various entities in GIFT City.

She noted the presence of 3 exchanges, including the International Bullion Exchange, 25 banks (including 9 foreign banks), 26 aircraft lessors, 80 fund managers, 50 professional service providers, and 40 fintech entities in GIFT City.

The Union Finance Minister emphasised the goal for India to become a manufacturing hub for the shipping industry. She highlighted the presence of 8 ship leasing entities operating in IFSC, contributing to global financial access.

Sitharaman also pointed out the distinctive feature of increased retail participation in Indian stock markets, underscoring the financial sector reforms initiated by the government.

Describing GIFT City as a convergence of technology and the financial world, the Union Finance Minister emphasised the necessity of integrating technological advantages into financial services.

GIFT City, according to Sitharaman, is specifically designed to offer advantages to Indian entrepreneurs in accessing global finance. She highlighted that, unlike many global financial hubs that primarily focus on capital, GIFT City distinguishes itself by incorporating technology into financial services.

The Union Finance Minister asserted that India is currently propelling global economic growth, positioning itself as a bridge between the developed Western world and the Global South.

As India continues its trajectory towards financial prominence on the global stage, Sitharaman expressed that the people of India aspire to become innovators and entrepreneurs, noting that GIFT City can play a pivotal role in realising these aspirations.

(KNN Bureau)