Gandhinagar, May 22 (IANS) Union Finance Minister Nirmala Sitharaman on Friday said India offers a unique blend of scale, technology, talent and growth opportunities through GIFT City, as she chaired a high-level review meeting on the progress of the country’s flagship international financial hub.
During the meeting, presentations were made on the progress achieved by GIFT City across sectors including banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing, fintech, bullion exchange, international education and allied services.
Addressing the gathering after the review meeting, FM Sitharaman highlighted the strategic importance of GIFT City in deepening India’s integration with global financial markets and facilitating international capital flows into the country through globally benchmarked institutional frameworks, regulatory agility and a supportive social ecosystem.
“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,” FM Sitharaman.
“India today offers a unique combination of scale, technology, talent and growth opportunities,” the Finance Minister said, while emphasising the role of GIFT City in advancing the country’s long-term economic ambitions.
FM Sitharaman also stressed the importance of futuristic discussions translating into immediate action and ground-level implementation.
“The progress achieved so far has been encouraging and noted that continued coordination among stakeholders would further strengthen GIFT City’s role in India’s journey towards Viksit Bharat 2047,” FM Sitharaman stated.
The ecosystem presently 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.
Discussions focused on infrastructure development, strengthening the talent ecosystem, ease of doing business, taxation frameworks, residential facilities and measures required to further enhance GIFT City’s position as a globally competitive international financial and business hub.
Officials informed the Finance Minister that GIFT City currently hosts more than 1,150 entities operating across financial services, technology and allied sectors.
Banking assets at the financial hub have crossed $110 billion, while capital commitments under fund management activities have exceeded $32 billion.
–IANS
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