India offers unique combination of technology, talent, growth opportunities through GIFT City: FM Sitharaman
Gandhinagar, May 22
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
Reader Comments
Finally, a world-class financial hub in India! 🎉 The fact that we have 37 banking units and 217 fund management entities shows global confidence in India. But I'm curious - will this create enough jobs for our youth? Need more details on talent development.
Good news, but let's be honest - GIFT City has been slow to take off. The numbers look impressive on paper, but how many Indians actually benefit from this? Tax incentives for foreign firms are fine, but what about Indian startups and SMEs? Need more inclusive growth.
As someone working in fintech, I see GIFT City as a game-changer! The regulatory agility and global benchmarking are exactly what we need. But infrastructure development needs to keep pace - we can't have a world-class financial hub if basic connectivity and residential facilities lag behind.
Impressive numbers - 1,150 entities, $32 billion fund commitments. But I wonder about the actual job creation. Are these just registration offices or real operational hubs? The mention of international universities is promising - education and financial services together could create a strong ecosystem.
The 'unique combination of scale, technology, talent and growth opportunities' - this is what makes India special! 🇮🇳 But we need to ensure GIFT City doesn't become another tax haven for the wealthy. Real impact will come when it genuinely connects Indian businesses to global markets.
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