GIFT City: India's Global Finance Hub Hits $106B Banking Milestone

According to a press release, what began as a visionary idea under the leadership of Prime Minister Narendra Modi, then Chief Minister of Gujarat, has today transformed into a thriving, policy-driven, globally benchmarked financial centre.

From its inception, GIFT City was envisioned as a world-class finance and IT zone that would serve not only India but the entire world. 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, said the release.

The legacy of this transformative project has been carried forward with equal commitment by the current Gujarat Chief Minister Bhupendra Patel, who has ensured continuity, expansion, and accelerated development of GIFT City. Under his stewardship, the city has scaled new heights, reinforcing Gujarat's reputation as a driver of India's economic growth.

As per the release, GIFT City today stands as a thriving financial ecosystem, with over 1,150 IFSCA-registered entities already operational. The banking sector has expanded dramatically, reaching USD 106 billion, a seven-fold increase since 2020, while the capital markets ecosystem has scaled to USD 80 billion, supported by monthly exchange turnovers consistently crossing the USD 100 billion mark. In addition, 349 funds have been launched with a targeted corpus of USD 80 billion, further strengthening India's position in global capital markets.

The city's growth is not limited to financial activity alone. Employment potential is projected to exceed 1,00,000 jobs by 2030, supported by large-scale infrastructure expansion across commercial, residential, and institutional spaces. Complementing this is a robust social infrastructure, including international schools, destination malls, central parks, and sports arenas, designed to create a holistic 'Live, Work, Thrive, environment for residents and professionals alike, said the release.

At the systems level, GIFT City has pioneered cutting-edge utilities, becoming the first in India to implement an integrated underground utility tunnel system. This is supported by district cooling infrastructure and automated waste collection, ensuring seamless operations and sustainability.

As per the release, on the global stage, GIFT City has established itself as India's gateway to capital through active outreach. Engagements at the World Economic Forum in Davos, as well as initiatives in Milan, Zurich, Hong Kong, Germany, and Austria, have attracted diverse international interest. Domestically, strong alignment has been achieved through banking forums with over 100 institutions, Vibrant Gujarat engagements, IGF Mumbai interactions, and reinsurance summits, ensuring that GIFT City remains deeply connected to both national and international financial ecosystems.

The city's ecosystem now spans capital markets, banking, insurance, aircraft and ship leasing, GCCs, fintech innovation hubs, and education partnerships with leading global universities. With over 37 banks, 65 insurance entities, and 35 aircraft leasing firms, GIFT City is diversifying into high-value financial services while strengthening India's ownership of global financial activity.

As per the release, GIFT City today stands as a testament to visionary leadership, sustained commitment, and collaborative execution. From its inception under Narendra Modi to its continued expansion under the current Chief Minister of Gujarat, GIFT City embodies India's rise as a global financial hub with long-term strategic relevance.

- ANI