GIFT City poised to anchor India’s vision of Viksit Bharat at 2047

New Delhi, Nov 28 Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Centre (IFSC), has rapidly evolved into India’s premier international financial and IT hub, blending global standards with smart infrastructure, an official statement said on Friday.

With more than 1,034 registered entities in GIFT IFSC, the hub hosts 38 banks with an asset base of $100.14 billion.

“It spans nearly 1,000 acres, expanding to more than 3,300 acres with SEZ and DTA zones, offering a 10-year income tax exemption within a 15-year block for IFSC units,” according to official data.

The government has designated GIFT City as a Multi-Services Special Economic Zone (GIFT SEZ). Its governance rests on the International Financial Services Centres Authority (IFSCA), backed by strong government oversight and policy support.

Its institutional framework is designed to attract global capital, foster innovation, and uphold international standards of transparency and sustainability. The IFSC unit is treated as a non-resident under the extant Foreign Exchange Management regulations.

IFSCA was established under the IFSCA Act, 2019, and has been operational since April 2020. It functions as a unified regulator for financial products, services, and institutions in GIFT IFSC.

It consolidates powers earlier divided among RBI, SEBI, IRDAI, and PFRDA for IFSC operations and has a mandate to develop and regulate financial services, promote ease of doing business, and align GIFT City with global standards.

The India International Bullion Exchange (IIBX) was launched in July 2022 at GIFT IFSC, Gandhinagar, promoted by leading institutions such as NSE, INDIA INX, NSDL, CDSL, and MCX, and is regulated by IFSCA.

It provides a gateway for bullion imports into India while offering a world-class ecosystem for trading, investment in bullion financial products, and vaulting facilities.

The exchange ensures responsible and transparent bullion trade by adhering to OECD due diligence guidelines for supply chain integrity from conflict-affected and high-risk areas.

GIFT IFSC hosts banks, insurers, asset managers, fintech firms, and the India International Bullion Exchange (IIBX).

It also offers unmatched access to talent and academic excellence, drawing from premier institutions in its vicinity.

Supported by leading institutions such as IIM Ahmedabad, IIT Gandhinagar, and Gujarat Maritime University, etc., the state hosts a robust TechFin talent pool comprising over 86,000 software engineers, 71,000 finance professionals, and 21,000 management experts.

Ahmedabad alone accounts for more than 1.7 million professionals and has recorded a 142 per cent rise in AI-skilled talent over the past year.

“Progressive tax incentives and policy support make it a magnet for global capital. The city’s expansion and fintech focus highlight India’s readiness for future financial leadership. With sustainability and innovation at its core, GIFT City is poised to anchor India’s vision of Viksit Bharat 2047,” said the official document.

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