GIFT City, Gandhinagar, Gujarat
Gandhinagar: The Gujarat International Finance Tec-City (GIFT City) has an important role to play in fulfilling the vision for India to become a developed nation by 2047, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here today.
Addressing the seminar ‘GIFT City-An Aspiration of Modern India’, she said GIFT City was ideally poised to be the gateway for financial and investment hub. The seminar was organised as part of the 10th Vibrant Gujarat Global Summit 2024, at Gandhinagar today.
GIFT City is a central business district under construction in Gandhinagar.
Describing it as a fusion of technology and the financial world, the Union Finance Minister said there is a need to infuse the advantages of technology into financial services and GIFT City is designed to provide advantages to India’s entrepreneurs in accessing global finance. She said most of the global financial hubs earlier looked at capital only but the GIFT City has the distinction of getting financial services infused with technology.
According to Sitharaman GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratories to achieve the target of India’s economy becoming $30 trillion by 2047.
Listing out the growing presence of operations at International Financial Services Centres (IFSC), Sitharaman said there are now 3 exchanges including the International Bullion Exchange, 25 banks, including 9 foreign banks, 26 aircraft lesser, 80 fund managers, 50 professional service providers and 40 fintech entities in the GIFT City.
The Union Finance Minister said India is now driving the growth engine of the world and it can become the bridge between the developed Western world and the Global South. As India continues onwards to the path of financial prominence on the global stage, she said the people of India want to become innovators and entrepreneurs, and added that GIFT City can help in realising these aspirations.
The Union Finance Minister said Prime Minister Shri Narendra Modi had conceptualised the idea of GIFT City way back in 2007 when he was the Chief Minister of Gujarat and it has now expanded into becoming a major international financial hub.
– global bihari bureau
