Union Finance Minister Smt. Nirmala Sitharaman at the 10th Vibrant Gujarat Global Summit in Gandhinagar

New Delhi, January 11, 2024.

The GIFT City is ideally poised to be the gateway for financial and investment hub and has an important role to play in fulfilling the vision for India to become developed nation by 2047, said Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman while addressing the seminar ‘GIFT City-An Aspiration of Modern India’, organised as part of the 10th Vibrant Gujarat Global Summit 2024, at Gandhinagar today.

The Union Finance Minister said Prime Minister Shri Narendra Modi had conceptualised the idea of GIFT City way back in 2007 when he was the Chief Minister of Gujarat and it has now expanded into becoming a major international financial hub.

Spelling out the vision of the Prime Minister in terms of green technology, Smt. Sitharaman said GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratory to achieve the target of India’s economy becoming $30 trillion by 2047, the Union Finance Minister added.

Listing out the growing presence of operations at International Financial Services Centres (IFSC), Smt. Sitharaman said there are now 3 exchanges including International Bullion Exchange, 25 banks, including 9 foreign banks, 26 aircraft lesser, 80 fund managers, 50 professional service providers and 40 fintech entities in the GIFT City.

The Union Finance Minister further said India should aim to become manufacturing hub for shipping and there are 8 ship leasing entities working in IFSC that would enable access to global finance. Retail participation in stock markets in India is another distinct feature of the financial sector reforms initiated by the government, Smt. Sitharaman added.

Describing GIFT City as a fusion of technology and financial world, the Union Finance Minister said there is a need to infuse the advantages of technology into financial services and GIFT City is designed to provide advantages to India’s entrepreneurs in accessing global finance. Smt. Sitharaman said most of the global financial hubs earlier looked at capital only but the GIFT City has the distinction of getting financial services infused with technology.

The Union Finance Minister said India is now driving the growth engine of the world and it can become the bridge between the developed Western world and the Global South and as India continues onwards to the path of financial prominence on the global stage, the people of India want to become innovators and entrepreneurs, and added that GIFT City can help in realising these aspirations.