NEW DELHI: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, on Thursday referred GIFT City as the gateway for financial and investment activities, highlighting its significance in realising the country’s vision to become a developed nation by 2047.
Speaking at seminar ‘GIFT City-An Aspiration of Modern India’, organised as part of the 10th Vibrant Gujarat Global Summit 2024, the minister highlighted Prime Minister Narendra Modi’s conception of GIFT City in 2007, which has evolved into a prominent international financial hub. She outlined Modi’s vision for green technology, advocating for GIFT City to serve as a platform for green credits and to establish a diverse fintech laboratory, aligning with the objective of propelling India’s economy to $30 trillion by 2047.
Highlighting the growing presence of operations at the International Financial Services Centres (IFSC), the minister noted the establishment of three exchanges, including the International Bullion Exchange, 25 banks (including 9 foreign banks), 26 aircraft lessors, 80 fund managers, 50 professional service providers, and 40 fintech entities within the GIFT City. Furthermore, Sitharaman underscored India’s aspiration to become a manufacturing hub for shipping, citing the presence of 8 ship leasing entities operating within IFSC, facilitating access to global finance.
“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,” Sitharaman added.