GIFT City review: FM Sitharaman highlights $110bn banking assets, 1,150+ entities
Synopsis
GIFT City's banking assets have crossed $110 billion and more than 1,150 entities are now operational — numbers Finance Minister Nirmala Sitharaman cited at a high-level review on 22 May as evidence that India's international financial hub is moving from ambition to scale. The next test is whether infrastructure and talent can keep up.
Key Takeaways
FM Nirmala Sitharaman chaired a high-level review of GIFT City in Gandhinagar on 22 May 2025 .
Banking assets at GIFT City have crossed $110 billion ; fund management capital commitments exceed $32 billion .
The hub hosts more than 1,150 entities across financial services, technology and allied sectors.
The ecosystem includes 37 banking units , 217 fund management entities , 36 insurance companies , 35 aircraft lessors and 36 ship leasing entities .
Discussions covered infrastructure, talent, taxation, ease of doing business and residential facilities to strengthen GIFT City's global competitiveness.
Sitharaman linked GIFT City's growth directly to India's Viksit Bharat 2047 vision.
Union Finance Minister Nirmala Sitharaman on Friday, 22 May chaired a high-level review meeting on GIFT City in Gandhinagar, underscoring India's unique combination of scale, technology, talent and growth opportunities that the international financial hub represents. The meeting assessed progress across banking, capital markets, fund management, insurance, fintech and allied sectors at the country's flagship global finance centre.
Key Developments at the Review
Presentations at the meeting covered advances across banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing, fintech, bullion exchange, international education and allied services. Officials informed the Finance Minister that GIFT City currently hosts more than 1,150 entities operating across financial services, technology and related sectors.
Banking assets at the hub have crossed $110 billion, while capital commitments under fund management activities have exceeded $32 billion — figures that underscore the centre's growing weight in India's international financial architecture.
What FM Sitharaman Said
'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,' Sitharaman said after the review. She added: 'India today offers a unique combination of scale, technology, talent and growth opportunities,' emphasising GIFT City's role in advancing the country's long-term economic ambitions.
The Finance Minister also stressed that 'futuristic discussions' must translate into 'immediate action and ground-level implementation' — signalling that the Centre wants momentum to accelerate, not stall at the planning stage.
The Ecosystem by Numbers
The GIFT City ecosystem currently comprises 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities, alongside international exchanges, fintech firms and international universities. This breadth of participation marks a significant expansion from GIFT City's early years, when banking and capital markets dominated the tenant mix.
Strategic Importance and Road Ahead
Discussions at the review centred on infrastructure development, strengthening the talent ecosystem, ease of doing business, taxation frameworks, residential facilities and measures to further sharpen GIFT City's competitive edge globally. Sitharaman highlighted the hub's role in deepening India's integration with global financial markets and facilitating international capital flows through 'globally benchmarked institutional frameworks, regulatory agility and a supportive social ecosystem.'
She noted that 'continued coordination among stakeholders would further strengthen GIFT City's role in India's journey towards Viksit Bharat 2047.' With banking assets already past the $110 billion mark, the next phase of growth will likely hinge on how quickly infrastructure and talent supply can keep pace with institutional demand.
Point of View
Not net exposure to the Indian economy, and the distinction matters for assessing real financial integration. The hub's diversity — from aircraft leasing to bullion exchange to international universities — is genuinely unusual for a financial centre of its age, but the 1,150-entity count includes a wide range of operational scales. The more telling metric will be whether GIFT City can attract global fund domiciliation away from Singapore and Mauritius, a shift that has been promised for years but has moved slowly. Sitharaman's push for 'immediate action' over 'futuristic discussions' suggests the Centre is aware that institutional momentum alone will not close that gap.
NationPress
23 Jul 2026
Frequently Asked Questions
What is GIFT City and why is it significant?
GIFT City, or Gujarat International Finance Tec-City, is India's first operational International Financial Services Centre (IFSC) located in Gandhinagar, Gujarat. It is designed to compete with global financial hubs like Singapore and Dubai by offering globally benchmarked regulatory frameworks, tax incentives and a full-spectrum financial ecosystem.
What were the key numbers highlighted at the FM's review of GIFT City?
Banking assets at GIFT City have crossed $110 billion and capital commitments under fund management have exceeded $32 billion. The hub currently hosts more than 1,150 entities, including 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities.
What did FM Nirmala Sitharaman say about GIFT City's role?
Sitharaman described GIFT City as 'an important pillar of India's international financial architecture' and said it reflects the country's 'growing economic confidence and global aspirations.' She also stressed that discussions must translate into immediate action and ground-level implementation.
What areas were discussed for GIFT City's future development?
The review focused on infrastructure development, strengthening the talent ecosystem, ease of doing business, taxation frameworks, residential facilities and measures to enhance GIFT City's position as a globally competitive financial and business hub.
How does GIFT City connect to India's Viksit Bharat 2047 goal?
Finance Minister Sitharaman stated that continued coordination among stakeholders would strengthen GIFT City's role in India's journey towards Viksit Bharat 2047 — the government's vision of a developed India by the centenary of independence. GIFT City is positioned as a key channel for international capital flows into the country.
