Gandhinagar, March 19 (IANS) A financial hub envisioned by Prime Minister Narendra Modi nearly two decades ago has now taken shape, with GIFT City beginning to compete with global centres such as Singapore, Dubai, London and New York, Gujarat Deputy Chief Minister Harsh Sanghavi said on Thursday.​

Addressing the inaugural session of the “IFSCA Talent Vista Summit-2026” at GIFT City in Gandhinagar, Sanghavi said the project, once dismissed by some as a “daydream”, has emerged on the world map as a global fintech centre.​

He said the development reflects a long-term vision conceived when Modi first proposed the idea on what was then a barren stretch of land.​

“GIFT City is not merely an infrastructure project, but a centre that nurtures the spirit and values of millions of youth and fulfils their dreams,” Sanghavi said, addressing industry leaders, vice-chancellors and students from across the country.​

He said the city’s progress has been underpinned by the International Financial Services Centres Authority’s unified regulatory architecture, an attractive tax framework and India’s growing digital financial capabilities.​

The focus now, he added, would shift towards building world-class talent to support its next phase of growth.​

Sanghavi said institutions including IIM Ahmedabad, MICA, Nirma University and the National Law University in Ahmedabad and Gandhinagar were preparing a new generation of professionals for global financial services, while international universities operating within GIFT City were also contributing.​

The state government, he said, is committed to facilitating structured internships and placements to maximise opportunities for young professionals.​

“Employment at GIFT City could offer global exposure and remuneration comparable to international standards, allowing Indian professionals to build careers domestically,” he said.​

To support lifestyle needs, Sanghavi announced that more than 20 international-level restaurants are expected to open in the city over the next year.​

He added that the government is working on a “Working and Living in GIFT City” model to expand residential facilities for employees.​

Encouraging investment, he said: “Gujarat offers political and policy stability and the state government remains responsive to investor concerns.”​

Referring to the expansion of companies such as Wipro, he said the state continues to present opportunities for growth.​

On the sidelines of the summit, Sanghavi inaugurated a new office of Wipro Ltd. at GIFT City and visited the facility.​

The event was attended by Uday Kotak, chairman of GIFT City, Sanjay Kaul, its managing director, and Rishad Premji, executive chairman of Wipro, among others.​

P. K. Mishra, Principal Secretary to the Prime Minister, said GIFT City has evolved from an idea into a functioning global financial framework, with financial activities previously conducted overseas increasingly taking place in India.​

He said this shift is strengthening the country’s capital markets and generating high-value employment.​

“In line with the Prime Minister’s vision, GIFT City will act as an important bridge in achieving the goal of ‘Viksit Bharat’ by 2047,” Mishra said, adding that in the era of the digital economy and artificial intelligence, human resources remain the most critical asset.​

–IANS

mys/dan