The duty-free Gandhinagar hub hosts US$110bn banking assets
The GIFT City has emerged as an important pillar of India’s international financial architecture and reflects India’s growing economic confidence and global aspirations, said Finance and Corporate Affairs Minister Nirmala Sitharaman after reviewing the duty-free financial centre’s progress.
“GIFT City today hosts more than 1,150 entities operating across financial services, technology and allied sectors. Banking assets at GIFT City have crossed US$110 billion, while capital commitments under fund management activities have exceeded US$32 billion,” she said on 22 May.
The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities, along with international exchanges, fintech firms and international universities at the Gandhinagar City.
The Minister highlighted the strategic importance of GIFT City in deepening India’s integration with global financial markets and facilitating international capital flows into the country supported by globally benchmarked institutional frameworks, regulatory agility and supportive social ecosystem.
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.
Discussions were held on infrastructure development, talent ecosystem, ease of doing business, taxation framework, residential ecosystem and measures required for further strengthening GIFT City’s position as a globally competitive international financial and business hub. Fiinews.com
