CHANDIGARH: In order to bolster the region's economy, Member of Parliament from Chandigarh and former union minister Manish Tewari has suggested the establishment of an International Financial Centre (IFC) in Chandigarh, modelled on the Gujarat International Finance Tec-City (GIFT City).
In a letter to Union Finance Minister Nirmala Sitaraman, senior congress leader Tewari said, this project would bolster the region's economy and elevate India's position as a global financial powerhouse.
Making a strong case for Chandigarh as an ideal choice, he said, the city has a strategic location and accessibility given its exceptional geographic positioning as the shared capital of Punjab and Haryana, coupled with its proximity to Himachal Pradesh, which places it at the heart of North India's economic matrix.
He pointed out that the city boasts outstanding connectivity through road, rail, and air, including an international airport facilitating seamless domestic and global access-a critical prerequisite for an IFC. He also noted that Chandigarh exemplifies the confluence of modernity and meticulous urban planning, offering unparalleled infrastructure and a superior quality of life.
Tewari further highlighted that Chandigarh is renowned for its heritage, modern infrastructure, organized layout, and high quality of life.
Regarding the city's educational ecosystem, he pointed to institutions like Panjab University, PGIMER, Punjab Engineering College, and the Government Medical College, which ensure a steady supply of skilled professionals and foster a culture of research and innovation. Additionally, he noted the presence of numerous government and private schools, technical institutes, and polytechnics that offer quality education.
The former union minister emphasized that as one of India's most meticulously planned cities, Chandigarh is ideally positioned to integrate advanced utilities such as smart grids, automated waste management, and energy-efficient infrastructure. "Its scalable urban model aligns perfectly with the vision of a futuristic financial hub," he concluded.
He further compared traditional financial centers like Mumbai and Delhi explaining that Chandigarh offers significantly lower real estate and operational costs, a vital factor for attracting global investors and financial institutions.
Combined with its superior living standards, the city presents a compelling value proposition, he said, adding, the establishment of an IFC in Chandigarh would not only transform the city and its surrounding regions but also deliver far-reaching national benefits like Economic Growth, new hub for financial services, fintech, and technology industries, significantly boosting India's GDP.
It will also encourage balanced Regional Development, Decentralising economic activity from overburdened metros and fostering inclusive growth across northern India, he observed.
He explained that the cutting-edge infrastructure and investor-friendly policies will draw international businesses and strengthern India's position in the global financial market.
Suggesting leveraging the city's educational and research institutions to create a thriving ecosystem for innovation-driven industries, he said it will help in employment generation and livelihood.
Tewari pointed out that leveraging the city's educational and research institutions to create a thriving ecosystem for innovation-driven industries would help in employment generation and livelihood.
Asserting that it will be ‘Visionary Step’ for a resilient future, Tewari said, the unparalleled combination of strategic location, modern infrastructure, and a vibrant talent pool positions Chandigarh as a natural choice for establishing an IFC.
"Such an initiative aligns seamlessly with the Union Government's vision of fostering robust, inclusive, and sustainable economic growth”, he added, while earnestly urging the minister to initiate a detailed feasibility study to explore the immense potential of Chandigarh as India's next international financial hub. This endeavour holds the promise of not only redefining the region's economic landscape but also ensuring India's stature as a global financial leader”, he observed while offering to remain at the disposal for any further inputs or assistance in advancing this visionary proposal.