Union Finance and Corporate Affairs Minister Nirmala Sitharaman visited the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar, Gujarat, on Thursday to review its development and future plans.
According to a media report, she held a high-level meeting with key stakeholders, including Gujarat Finance Minister Kanubhai Desai, top officials from the Finance and Corporate Affairs ministries, RBI, SEBI, IFSCA, IRDAI, and representatives from GIFT City Co. Ltd.
During the meeting, GIFT City and IFSCA presented proposed policy, regulatory, and tax reforms to strengthen GIFT IFSC’s position as a global financial hub. Sitharaman praised the progress made and stressed the need to accelerate reforms to align with the vision of ‘Viksit Bharat @2047’.
She emphasized the importance of attracting foreign capital, leveraging India’s tech strength and large domestic market, and making GIFT IFSC more competitive and cost-effective to draw HNI investments.
Sitharaman also highlighted the need to boost the India International Bullion Exchange (IIBX), expand stakeholder participation, and strengthen price discovery to turn GIFT IFSC into a global bullion hub.
Later, she held a roundtable with leaders from 21 institutions in banking, insurance, capital markets, fintech, and education sectors. Participants shared their experiences and gave suggestions to boost business at GIFT IFSC, which Sitharaman appreciated.
She reaffirmed the government’s commitment to developing GIFT IFSC into a major gateway for global capital and turning GIFT City into a world-class smart city with modern, sustainable infrastructure to attract global talent.