Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a high level review meeting on the progress of gift city and its expanding international financial services ecosystem in Gandhinagar Gujarat.
The meeting was attended by Pramod kumar Mishra Gujarat Deputy Chief Minister Harsh Sanghavi senior officials from the Prime Minister’s Office, the Ministry of Finance, the Ministry of Corporate Affairs, the Government of Gujarat, the International Financial Services Centres Authority (IFSCA), and officials of GIFT City.
Among the senior officials present were Secretary of the Department of Expenditure V. Vualnam, Secretary of the Department of Economic Affairs Anuradha thakur Secretary of the Department of Revenue Arvind Shrivastava, Chairman of GIFT City uday kotak and Chairman of the International Financial Services Centres Authority k. Rajaraman.
During the review meeting, detailed presentations were made on the progress achieved by GIFT City in sectors including banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing, fintech, bullion exchange, international education and related services.
Discussions also focused on infrastructure development, strengthening the talent ecosystem, improving ease of doing business, taxation reforms, residential facilities and other measures required to further establish GIFT City as a globally competitive international financial and business hub.
According to officials, GIFT City currently hosts more than 1,150 entities operating in financial services, technology and allied sectors. Banking assets at the international financial hub have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion.
The financial ecosystem presently includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft leasing firms and 36 ship leasing entities, along with international exchanges, fintech firms and international universities.
Addressing the meeting, Finance Minister Nirmala Sitharaman highlighted the strategic importance of GIFT City in strengthening India’s integration with global financial markets and facilitating international capital flows into the country through globally benchmarked institutional frameworks and regulatory systems.
She said GIFT City has emerged as an important pillar of India’s international financial architecture and reflects the country’s growing economic confidence and global aspirations. She further stated that India offers a unique combination of scale, technology, talent and growth opportunities through GIFT City.
The Finance Minister emphasised the need for futuristic discussions that lead to immediate implementation and visible ground-level changes. She said the progress achieved so far has been encouraging and that continued coordination among stakeholders would further strengthen GIFT City’s contribution to India’s development journey towards Viksit Bharat by 2047.
Principal Secretary to the Prime Minister Pramod Kumar Mishra underlined the importance of realising Prime Minister Narendra Modi’s vision for the GIFT International Financial Services Centre by attracting skilled professionals and creating world-class infrastructure. He also appreciated the efforts made so far in developing GIFT City into a major global financial hub.
