Last Updated on May 23, 2026 1:25 am by BIZNAMA NEWS
By Our Business Correspondent
Union Finance Minister Nirmala Sitharaman on Friday chaired a high-level review meeting at GIFT City Gandhinagar. to assess the progress of India’s emerging international financial services ecosystem and discuss measures to strengthen its position as a globally competitive financial and business hub.
The meeting was attended by P. K. Mishra, Gujarat Deputy Chief Minister Harsh Sanghavi, senior officials from the Prime Minister’s Office, the Ministries of Finance and Corporate Affairs, the Gujarat government, the International Financial Services Centres Authority (IFSCA), and GIFT City management.
Senior officials including Expenditure Secretary V. Vualnam, Economic Affairs Secretary Anuradha Thakur, Revenue Secretary Arvind Shrivastava, GIFT City Chairman Uday Kotak and IFSCA Chairman K. Rajaraman were also present.
Officials made presentations on the growth of banking, capital markets, insurance, fund management, aircraft and ship leasing, fintech, bullion exchange and international education activities at GIFT City.
The discussions focused on infrastructure expansion, taxation, ease of doing business, talent development and strengthening the residential ecosystem to attract global professionals and investors.
According to official data, GIFT City currently hosts more than 1,150 entities across financial services, technology and allied sectors. Banking assets at the centre have crossed 110 billion US dollars, while fund management commitments have exceeded 32 billion US dollars. The ecosystem includes 37 banking units, 217 fund management firms, 36 insurance companies, 35 aircraft leasing firms and 36 ship leasing entities.
Addressing the meeting, Sitharaman said GIFT City had become a key pillar of India’s international financial architecture and reflected the country’s growing economic confidence and global ambitions. She stressed the need for faster implementation of policy decisions and stronger coordination among stakeholders to help realise the vision of “Viksit Bharat 2047.”
Principal Secretary to the Prime Minister P.K. Mishra also underlined the importance of developing world-class infrastructure and attracting skilled global talent to strengthen GIFT IFSC as envisioned by Prime Minister Narendra Modi.