Gandhinagar, May 22 (IANS) India’s efforts to position itself as a global financial and investment destination received fresh emphasis during a high-level review of Gujarat International Finance Tec-City (GIFT City), where Union Finance Minister Nirmala Sitharaman noted that the International Financial Services Centre (IFSC) was helping channel international capital flows into the country through globally benchmarked institutional frameworks, regulatory agility and a supportive social ecosystem.

Addressing the review meeting on Friday, Sitharaman said GIFT City had emerged as an important pillar of India’s international financial architecture and reflected the country’s growing economic confidence and global aspirations.

“India, today, offered a unique combination of scale, technology and talent and growth opportunities. The ecosystem being developed at GIFT City was strengthening the country’s position in global finance and investment,” she said.

The Finance Minister also underlined the need for futuristic policy discussions to result in immediate implementation and measurable changes on the ground.

“The progress achieved so far is encouraging, and continued coordination among stakeholders will further strengthen GIFT City’s role in India’s growth journey towards Viksit Bharat @2047,” she said.

The review meeting focused on the development of the International Financial Services Centre ecosystem, institutional capacity building and infrastructure expansion aimed at attracting global financial institutions, investors and skilled professionals.

In his post-review address, the Principal Secretary to the Prime Minister, P.K. Mishra, highlighted the importance of translating the Prime Minister’s vision for GIFT-IFSC into concrete outcomes by bringing in skilled professionals and creating world-class infrastructure.

He also lauded the work undertaken so far towards developing the financial hub and stressed the need to continue strengthening the ecosystem to support GIFT City’s emergence as a globally competitive international financial centre.

At present, GIFT City hosts more than 1,150 entities operating across financial services, technology and allied sectors.

Banking assets at GIFT City have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion.

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.

Among those present were Deputy Chief Minister Harsh Sanghavi, senior officials from the Prime Minister’s Office, Ministry of Finance, Ministry of Corporate Affairs, state government, International Financial Services Centres Authority (IFSCA), and GIFT City officials.

–IANS

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