Union Finance and Corporate Affairs Minister Nirmala Sitharaman has chaired a high-level review meeting on the progress of Gujarat International Finance Tec-City (GIFT City), highlighting its growing importance as a key pillar of India’s international financial architecture and a strategic gateway for global capital flows into the country.
The review meeting, held at GIFT City in Gandhinagar, focused on assessing the rapid growth of India’s International Financial Services Centre (IFSC) ecosystem and discussing measures to strengthen its position as a globally competitive financial and business hub.
Senior officials from the Prime Minister’s Office, Ministry of Finance, Ministry of Corporate Affairs, Government of Gujarat, International Financial Services Centres Authority (IFSCA) and GIFT City administration participated in the meeting.
Senior Leadership Reviews Growth of GIFT City Ecosystem
The meeting was attended by several key policymakers and industry leaders, including:
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Shri P.K. Mishra, Principal Secretary to the Prime Minister
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Shri Harsh Sanghavi, Deputy Chief Minister of Gujarat
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Shri V. Vualnam, Secretary, Department of Expenditure
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Smt. Anuradha Thakur, Secretary, Department of Economic Affairs
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Shri Arvind Shrivastava, Secretary, Department of Revenue
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Shri Uday Kotak, Chairman of GIFT City
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Shri K. Rajaraman, Chairman, IFSCA
The participation of senior officials reflected the strategic importance being attached to GIFT City within India’s broader economic and financial sector development agenda.
Presentations Highlight Rapid Expansion Across Financial Sectors
During the review meeting, officials presented updates on the growth of GIFT City across several major sectors within the international financial services ecosystem.
Key sectors reviewed included:
The discussions focused on both operational achievements and future expansion opportunities.
Officials also reviewed progress relating to:
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Infrastructure development
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Ease of doing business reforms
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Taxation frameworks
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Talent ecosystem development
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Residential and social infrastructure
GIFT City Emerging as Major International Financial Centre
According to official figures presented during the meeting, GIFT City currently hosts more than 1,150 entities operating across financial services, technology and allied sectors.
The ecosystem has witnessed significant growth in recent years as India seeks to position GIFT IFSC as a globally competitive international financial services destination.
Key indicators highlighted during the meeting include:
Banking Sector
Fund Management
Institutional Presence
The ecosystem currently includes:
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37 banking units
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217 fund management entities
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36 insurance companies
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35 aircraft leasing entities
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36 ship leasing companies
In addition, GIFT City hosts international exchanges, fintech firms and international universities.
Officials said these developments indicate growing global investor interest and confidence in India’s international financial services ecosystem.
Nirmala Sitharaman Highlights Strategic Importance of GIFT City
Addressing officials after the review meeting, Finance Minister Nirmala Sitharaman emphasized the strategic importance of GIFT City in strengthening India’s integration with global financial markets.
She noted that GIFT City is becoming increasingly important for facilitating international capital flows into India while operating through globally benchmarked institutional and regulatory frameworks.
According to Sitharaman, India today offers a unique combination of:
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Large-scale economic opportunity
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Technology-driven growth
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Skilled talent availability
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Expanding investment potential
The Finance Minister stated that GIFT City reflects India’s rising economic confidence and global aspirations as the country seeks a larger role in international finance and business.
GIFT City Seen as Key Component of Viksit Bharat Vision
Sitharaman said the progress achieved so far at GIFT City is encouraging and aligned with India’s broader development vision under “Viksit Bharat @2047”.
She emphasized the importance of converting futuristic discussions into immediate implementation and practical policy action capable of driving ground-level transformation.
The Finance Minister stressed that continued coordination among stakeholders will be essential for sustaining the growth momentum of GIFT City and enhancing its international competitiveness.
Officials believe GIFT City could play a critical role in India’s long-term ambitions to emerge as a major global financial and investment destination.
PM’s Principal Secretary Emphasises World-Class Infrastructure
Principal Secretary to the Prime Minister Shri P.K. Mishra also addressed the review meeting and highlighted the importance of realizing the Prime Minister’s vision for GIFT IFSC.
He stressed the need to:
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Attract highly skilled professionals
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Build world-class infrastructure
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Develop globally competitive ecosystems
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Strengthen institutional capabilities
Mishra praised the progress achieved so far and encouraged continued efforts toward making GIFT City a leading international financial services hub.
Infrastructure and Talent Ecosystem Remain Key Priorities
A major focus of the discussions was the need to further strengthen the supporting ecosystem around GIFT City.
Officials reviewed issues related to:
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Residential infrastructure
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Social amenities
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International-standard urban services
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Talent attraction and retention
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Business facilitation systems
Experts note that successful international financial centres typically require not only regulatory and financial infrastructure but also high-quality urban living ecosystems capable of attracting global professionals and investors.
GIFT City Expanding Beyond Traditional Finance
The review also reflected how GIFT City is evolving beyond traditional banking and financial services into a diversified international business ecosystem.
Emerging sectors within GIFT City now include:
Officials believe diversification will strengthen the long-term sustainability and global relevance of the IFSC ecosystem.
India Positioning Itself in Global Financial Architecture
The rapid expansion of GIFT City forms part of India’s broader efforts to increase its role in the global financial system and reduce dependence on offshore international financial centres.
India has been working to create globally competitive frameworks in areas such as:
The International Financial Services Centres Authority (IFSCA) has also introduced several regulatory reforms aimed at improving ease of doing business and attracting global investors.
Growing Interest from International Investors and Institutions
Analysts say the growth of GIFT City reflects increasing interest from global financial institutions looking to participate in India’s expanding economy.
India’s strong economic growth, large domestic market, digital infrastructure and policy reforms are contributing to rising investor confidence.
Officials believe GIFT City can serve as an important platform for channeling international investment into sectors such as:
GIFT City Seen as Long-Term Strategic National Project
The review meeting underscored the government’s view of GIFT City as a long-term strategic national project central to India’s economic transformation ambitions.
As India aims to become a developed economy by 2047, policymakers see globally competitive financial infrastructure as critical for supporting investment flows, economic expansion and integration with international markets.
Officials indicated that continued reforms, infrastructure development and institutional strengthening will remain key priorities in the next phase of GIFT City’s evolution.
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