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GIFT city has emerged as financial powerhouse: Sitharaman at Vibrant Gujarat Summit

During the second day of the ‘Vibrant Gujarat Global Summit’, Finance Minister Nirmala Sitharaman delivered an overview of Gujarat International Finance Tec-City's (GIFT City) financial ecosystem.

Ahmedabad, Jan 11,2024:  During the second day of the ‘Vibrant Gujarat Global Summit’, Finance Minister Nirmala Sitharaman delivered an overview of Gujarat International Finance Tec-City’s (GIFT City) financial ecosystem.

According to Sitharaman, GIFT City has evolved into a dynamic hub, housing three exchanges, 26 banks, 26 aircraft lessors, 86 fund managers, and eight ship leasing companies.

It also boasts the presence of 50 professional firms and a total of 580 entities.

The Finance Minister underscored GIFT City’s strategic role in attracting various sectors, including fintech, aircraft leasing, and ship leasing industries.

Highlighting the impressive financial growth within GIFT City, Sitharaman revealed that “the derivative contracts in the city had soared to a value of $2.02 billion as of October. This remarkable growth indicates GIFT City’s crucial role in the global financial landscape, particularly in the fintech sector, where it boasts an 80 per cent adoption rate – the highest globally.”

Sitharaman also emphasised the need for international fintech companies looking to operate in India to establish a presence in GIFT City.

This mandate reflects the city’s pivotal position in India’s financial strategy and its capability to bridge the gap between local and global financial markets.

Additionally, Sitharaman noted the city’s significant investment in green bonds, totaling $10.18 billion, underscoring its commitment to sustainable financial practices.

The resilience and expansion of the Indian stock market were also focal points of Sitharaman’s address.

She attributed this success to the active participation of retail investors and the stability of the country’s policy environment.

“Our thriving stock market is a testament to the steady policies and the involvement of regular investors,” Sitharaman remarked.

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