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Friday, April 19, 2024

Finance Minister Sitharaman highlights GIFT City’s role in India’s financial evolution

IndiaFinance Minister Sitharaman highlights GIFT City's role in India's financial evolution

Finance Minister Nirmala Sitharaman on Thursday said that the Gujarat International Finance Tec-City (GIFT City) can play a pivotal role in realizing India’s vision of becoming a developed country by 2047 by acting as a “gateway for financial and investment hubs.”

She was addressing the seminar ‘GIFT City-An Aspiration of Modern India’ on the second day of the Vibrant Gujarat Global Summit in Gandhinagar.

Sitharaman traced the origins of GIFT City back to 2007 when Prime Minister Narendra Modi, then chief minister of Gujarat, conceptualized the idea that has now evolved into a major international financial hub.

Emphasizing GIFT City’s alignment with green technology, Sitharaman noted its role as a platform for green credits and its commitment to establishing a diverse fintech laboratory to achieve the $30 trillion target by 2047. Currently, GIFT City boasts three exchanges, including the International Bullion Exchange, 25 banks (including nine foreign banks), 26 aircraft lessors, 80 fund managers, 50 professional service providers, and 40 fintech entities.

Sitharaman urged India to aspire to become a manufacturing hub for shipping, citing the presence of eight ship leasing entities in the International Financial Services Centre (IFSC) that facilitate global finance access. She highlighted the distinct feature of increased retail participation in Indian stock markets as part of the government’s financial sector reforms.

Describing GIFT City as a fusion of technology and finance, Sitharaman underscored the importance of integrating technological advantages into financial services, positioning GIFT City as a platform for Indian entrepreneurs to access global finance. She distinguished GIFT City from other global financial hubs by its infusion of financial services with technology.

Sitharaman asserted that India is now a driving force in global growth and can serve as a bridge between the developed Western world and the Global South. Expressing confidence in India’s leadership and calling for bold initiatives, she stated that India, with its courageous and level-headed leadership, has the potential to link the global south and the developed world, becoming a more powerful player on the global stage.

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