Gandhinagar, March 28 (IANS) Positioning India as a competitive global financial hub, Gujarat's GIFT City has recorded rapid growth in financial activity and international participation, prompting Chief Minister Bhupendra Patel to describe it as a “vibrant reality driving economic growth”.

The Chief Minister said the project, envisioned by Prime Minister Narendra Modi during his tenure in Gujarat, has moved beyond its initial concept to become a fully operational international financial hub.

“GIFT City stands today as a powerful testament to India’s rising stature in the global financial ecosystem. What began as a bold and futuristic idea has now evolved into a fully operational international financial hub, placing Gujarat and India firmly on the world map of finance and innovation,” Patel said.

He highlighted that the city now hosts more than 1,150 registered entities and a banking ecosystem exceeding USD 100 billion, with monthly exchange turnovers also crossing the USD 100 billion mark.

Patel said this scale reflects increasing global participation and trust in India’s financial infrastructure.

GIFT City is home to India’s first operational International Financial Services Centre, overseen by a unified regulator that streamlines governance across banking, insurance, capital markets and fund management.

The centre offers tax incentives and simplified regulations, which have attracted a diverse range of global and domestic players, including banks, insurance companies, fintech firms and fund management entities.

“Leading global institutions, fintech companies, and financial service providers are choosing GIFT as their base, reflecting growing international confidence in India’s regulatory strength and infrastructure,” Patel said.

He added that the ecosystem has allowed 'ease of doing business' while advancing innovation at scale.

“GIFT City is not just a vision, but a vibrant reality driving economic growth,” he said.

Patel also underlined the employment potential generated by the project, noting that it is creating thousands of high-quality jobs, particularly for young professionals in finance, technology and allied sectors.

“From global banks and insurance giants to cutting-edge fintech firms and fund management entities, GIFT City has created a dynamic ecosystem that is attracting investments, enabling ease of doing business, and fostering innovation at scale,” he said.

--IANS

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