Secretary, Department of Commerce, Government of India, visits the IFSCA Headquarters at GIFT City

PRESS RELEASE Shri Rajesh Agrawal, Secretary, Department of Commerce, Government of India, visited the International Financial Services Centres Authority (IFSCA) Headquarters at GIFT City for a high- level meeting with Shri K. Rajaraman, Chairperson, IFSCA and senior officials of GIFT and IFSCA to discuss the growing role of GIFT IFSC in strengthening ease of doing business for India’s international trade and commerce ecosystem. The discussions focused on leveraging the GIFT IFSC framework to facilitate global capital flows, international trade financing, and development of a robust cross-border financial ecosystem. Shri K. Rajaraman, Chairperson, IFSCA, highlighted IFSCA’s role in positioning GIFT IFSC as a globally competitive international financial and business hub. Chairperson IFSCA also highlighted GIFT IFSC’s emergence as a gateway for global capital flows, a growing hub for aircraft and ship leasing, and a rising centre for trade finance, insurance, and reinsurance activities. He further noted IFSCA’s role as a unified regulator for GIFT IFSC, supported by more than 35 regulations and 17 frameworks, with over 1000 registered entities operating within the ecosystem. Shri Sanjay Kaul MD GIFT City Co Ltd presented the plans for city upgradation, social infrastructure and ease of living.IFSCA presented an overview of the evolving GIFT IFSC ecosystem, highlighting its growth across banking, capital markets, insurance, fund management, aircraft and ship leasing, and fintech sectors. A detailed presentation was also made on key IFSCA enablers under consideration with the Department of Commerce, in the presence of the senior officials from the Government of India, IFSCA, and India International Bullion Exchange. Discussions focused on matters relating to SEZ framework enhancements, development of the leasing ecosystem, and opportunities in the metals and commodities sector. In 2025-26, GIFT IFSC international banking units provided USD 50 bn in trade finance, while ITFS platforms and Factoring companies provided USD 111 million through bill factoring to SMEs. A stakeholder consultation meeting was also held during the visit, with participation from industry members and ecosystem stakeholders representing banks, Bullion, Leasing, Fund Management Entities (FMEs), ITFS platforms, Factoring companies, IIFT and other Trade Finance entities. The interaction provided an opportunity for stakeholders to share industry perspectives, discuss operational and regulatory challenges, and deliberate on measures required to further strengthen the business ecosystem at GIFT IFSC. The meeting highlighted the strategic importance of GIFT IFSC as a gateway for global capital, trade finance and international trade flows, and its growing contribution towards enhancing India’s competitiveness in cross-border financial services. The discussions reflected a shared commitment towards strengthening policy coordination and enabling a globally integrated ecosystem at GIFT IFSC in line with the vision of Viksit Bharat 2047. May 16th, 2026 Gandhinagar