Gujarat International Finance Tec-City (GIFT City) has become India’s first fully operational global financial and IT hub, significantly elevating the country’s standing in the international financial landscape.
The city’s development, which began as a vision under Prime Minister Narendra Modi during his tenure as Chief Minister of Gujarat, has transformed into a vibrant, policy-driven financial centre adhering to global standards, according to a press release.
From its inception, GIFT City aimed to be a world-class finance and IT zone serving both India and the international community. “PM Modi’s foresight laid the foundation for an integrated ecosystem combining financial services, technology, regulatory ease, and infrastructure within a single jurisdiction. His vision has now materialised into a vibrant hub that competes directly with established global financial centers,” the release stated.
The project has been advanced with equal dedication by the current Gujarat Chief Minister Bhupendra Patel, who has maintained continuity while overseeing the city’s expansion and accelerated development, further enhancing Gujarat’s role in India’s economic growth.
Presently, GIFT City houses over 1,150 entities registered with the International Financial Services Centres Authority (IFSCA). The banking sector has expanded to USD 106 billion, a seven-fold increase since 2020, while the capital markets ecosystem has reached USD 80 billion, with monthly exchange turnovers consistently exceeding USD 100 billion. Additionally, 349 funds with a targeted corpus of USD 80 billion have been launched, reinforcing India’s position in global capital markets
