Date: 2026-05-22Category: Press ReleaseState: Union GovernmentCountry: India
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chairs review meeting at GIFT City, Gandhinagar, in presence of Principal Secretary to the Prime Minister; and Deputy Chief Minister of Gujarat
**Executive Summary**
On May 22, 2026, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a high-level review meeting at GIFT City, Gandhinagar, to evaluate the progress of its international financial services ecosystem. The meeting emphasized strengthening GIFT City as a globally competitive hub through immediate action, stakeholder coordination, and infrastructure development. The primary objective is to materialize the Prime Minister’s vision for the IFSC as a central pillar of India’s "Viksit Bharat @2047" growth journey.
**Key Points / Main Content**
**Current Ecosystem and Growth Indicators**
* GIFT City currently hosts over 1,150 entities across financial services, technology, and allied sectors.
* Banking assets within the city have surpassed USD 110 billion.
* Capital commitments under fund management activities have exceeded USD 32 billion.
* The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors, and 36 ship leasing entities.
* The hub features international exchanges, fintech firms, and international universities.
**Strategic Development Focus**
* **Infrastructure and Talent:** Discussions centered on developing world-class infrastructure, a robust talent ecosystem, and residential facilities.
* **Business Environment:** Priorities include enhancing the taxation framework and improving the ease of doing business to attract international capital.
* **Sectoral Progress:** Review of progress across banking, capital markets, fund management, insurance/reinsurance, aircraft and ship leasing, fintech, bullion exchange, and international education.
**Strategic Objectives**
* Deepening India’s integration with global financial markets.
* Facilitating international capital flows through globally benchmarked institutional frameworks.
* Maintaining regulatory agility and a supportive social ecosystem to reflect India’s growing economic confidence.
**Impact Analysis**
**International Financial Services Centres Authority (IFSCA) and GIFT City Officials**
**Impact**
These bodies are responsible for the regulatory agility and benchmarked frameworks that support the city's growth. They are positioned as the primary drivers of the Prime Minister's vision for a competitive international hub.
**Action Required**
Coordinate among stakeholders to translate futuristic discussions into immediate ground-level changes and continue developing world-class infrastructure.
**Financial and Business Entities (Banks, Fund Managers, Lessors)**
**Impact**
Entities benefit from a unique combination of scale, technology, and talent. They are integrated into a system that facilitates global capital flows and provides growth opportunities within a supportive regulatory environment.
**Action Required**
Utilize the evolving ecosystem to expand financial services, fund management, and leasing activities while contributing to the USD 110 billion+ asset base.
**Skilled Professionals and Educational Institutions**
**Impact**
The focus on a "talent ecosystem" and the presence of international universities create a demand for high-caliber professionals to staff the 1,150+ operating entities.
**Action Required**
Materialize the vision for GIFT IFSC by attracting and providing skilled professionals necessary to support complex financial and technology sectors.
**Government Ministries (Finance, Corporate Affairs, and Government of Gujarat)**
**Impact**
These stakeholders oversee the strategic alignment of GIFT City with national goals like "Viksit Bharat @2047."
**Action Required**
Maintain high-level oversight and ensure that taxation and infrastructure policies remain globally competitive to facilitate ease of doing business.
Key Entities Referenced
GIFT City (Gandhinagar, Gujarat): A globally competitive international financial and business hub functioning as an International Financial Services Centre (IFSC) and the primary focus of the high-level review.
International Financial Services Centres Authority (IFSCA): The unified regulatory body responsible for the development and regulation of financial products, services, and institutions within the GIFT IFSC.
Ministry of Finance: The primary Union Ministry conducting the review and providing strategic oversight for the progress of GIFT City’s financial services ecosystem.
Viksit Bharat @2047: A strategic national vision initiative for a developed India, which frames GIFT City's long-term role in global financial integration and economic growth.
Ministry of Finance
Union Minister for Finance & Corporate Affairs
Smt. Nirmala Sitharaman chairs review meeting
at GIFT City, Gandhinagar, in presence of
Principal Secretary to the Prime Minister; and
Deputy Chief Minister of Gujarat
The review meeting witnesses presentations and discussions
on various aspects to further strengthen GIFT City as a
globally competitive international financial and business hub
India offers a unique combination of scale, technology, talent
and growth opportunities through GIFT City: FM Smt. Nirmala
Sitharaman
Principal Secretary to the PM underscores importance of
materialising the Prime Minister’s vision for GIFT IFSC
Posted On: 22 MAY 2026 8:12PM by PIB Delhi
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman on Friday chaired a high-level
review meeting on the progress of GIFT City and its evolving international financial services ecosystem,
at GIFT City, Gandhinagar.The review meeting was also attended by Shri P.K. Mishra, Principal Secretary to the Prime Minister; Shri
Harsh Sanghavi, Deputy Chief Minister of Gujarat; senior officials from the Prime Minister’s Office,
Ministry of Finance, Ministry of Corporate Affairs, Government of Gujarat, International Financial
Services Centres Authority (IFSCA), and GIFT City officials.
Also present were Shri V. Vualnam, Secretary, D/o Expenditure; Smt. Anuradha Thakur, Secretary D/o
Economic Affairs; Shri Arvind Shrivastava, Secretary, D/o Revenue; Shri Uday Kotak, Chairman of GIFT
City; and Shri K. Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA).During the meeting, presentations were made on the progress achieved by GIFT City across sectors
including banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing,
fintech, bullion exchange, international education and allied services.
Discussions were held on infrastructure development, talent ecosystem, ease of doing business, taxation
framework, residential ecosystem and measures required for further strengthening GIFT City’s position as
a globally competitive international financial and business hub.
GIFT City today hosts more than 1,150 entities operating across financial services, technology and
allied sectors. Banking assets at GIFT City have crossed USD 110 billion, while capital commitments
under fund management activities have exceeded USD 32 billion. The ecosystem includes 37
banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36
ship leasing entities, along with international exchanges, fintech firms and international universities.
In her address post review, the Union Finance Minister highlighted the strategic importance of GIFT City
in deepening India’s integration with global financial markets and facilitating international capital flows
into the country supported by globally benchmarked institutional frameworks, regulatory agility and
supportive social ecosystem.
Noting that GIFT City has emerged as an important pillar of India’s international financial architecture
and reflects the country’s growing economic confidence and global aspirations, Smt. Sitharaman stated
that India today offers a unique combination of scale, technology, talent and growth opportunities.
The Union Finance Minister also highlighted the importance of futuristic discussions leading to immediate
action driving ground level changes. The progress achieved so far is encouraging, and continued
coordination among stakeholders will further strengthen GIFT City’s role in India’s growth journey
towards Viksit Bharat @2047.
In his post review address, Principal Secretary to the PM underscored the importance of materialising the
Prime Minister’s vision for GIFT IFSC by bringing in skilled professionals and creating world class
infrastructure and lauded the efforts made so far in that direction.
***
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