On the second day of the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman delivered a comprehensive overview of the flourishing financial ecosystem within the Gujarat International Finance Tec-City (GIFT City). Emphasizing the strategic importance of the city, she underscored the significant presence of financial entities, thriving derivatives markets, and the city’s pivotal role in global finance.
“There are now three exchanges, twenty-six banks, and twenty-six aircraft lessors in the IFSC. GIFT City is home to 86 fund managers and 8 ship leasing companies. The best adoption rate for fintech globally is 80 per cent,” Sitharaman stated. She highlighted the crucial role of GIFT City in global fintech operations, with a clear directive for international fintech companies looking to do business in India to establish offices in the city.
Key achievements in GIFT City were highlighted, including the presence of 50 professional firms, advisors, and a total of 580 entities contributing to its vibrant financial landscape. The Finance Minister praised the city’s substantial growth in derivative contracts, reaching USD 2.02 billion by October. Additionally, she commended the city’s investment of USD 10.18 billion in green bonds.
Sitharaman stressed that technology-driven financial services were fundamental to GIFT City’s success. She asserted that without embracing technology, financial centers would not achieve their fastest pace of growth. The Finance Minister positioned India as a bridge between the developed world and the global south, expressing confidence in India’s rising strength on the global stage.
“India may serve as a link between the global south and the developed world. We must aggressively and far-sightedly lead with our leadership. We have a courageous, level-headed leader leading us. IFSC is the gateway for the world,” Sitharaman concluded.
The International Financial Services Centre (IFSC) in GIFT City symbolizes India’s pivotal role in the international financial landscape, marking the city’s continued success and global significance.
