GIFT City hits $110bn banking assets as FM Sitharaman calls it India's global finance pillar
Synopsis
GIFT City's banking assets have crossed USD 110 billion and fund commitments exceed USD 32 billion — and Finance Minister Nirmala Sitharaman's high-level review signals the Centre is treating the Gandhinagar hub not as a pilot project but as India's primary bet to rival Singapore and Dubai in global finance.
Key Takeaways
Finance Minister Nirmala Sitharaman chaired a high-level GIFT City review on 22 May 2025 in Gandhinagar .
Banking assets at GIFT City's IFSC have crossed USD 110 billion ; fund management commitments exceed USD 32 billion .
The city hosts more than 1,150 entities , including 37 banking units , 217 fund management entities and 36 insurance companies .
PMO Principal Secretary P.K.
Mishra called for converting the Prime Minister's GIFT-IFSC vision into concrete, measurable outcomes.
Sitharaman linked GIFT City's growth to India's Viksit Bharat @2047 development target.
Finance Minister Nirmala Sitharaman on Friday, 22 May chaired a high-level review of Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, declaring the International Financial Services Centre (IFSC) a cornerstone of India's international financial architecture. Sitharaman said GIFT City was actively channelling global capital into India through world-class regulatory frameworks, institutional agility and a supportive social ecosystem.
What Sitharaman Said
Addressing the review meeting, the Finance Minister described GIFT City as 'an important pillar of India's international financial architecture' that reflected the country's growing economic confidence and global ambitions. 'India, today, offered a unique combination of scale, technology and talent and growth opportunities. The ecosystem being developed at GIFT City was strengthening the country's position in global finance and investment,' she said.
Sitharaman also stressed that futuristic policy discussions must translate into immediate, ground-level implementation with measurable outcomes — signalling impatience with deliberation that does not convert into action.
Key Numbers Behind the Growth
The scale of GIFT City's expansion was on full display at the review. Banking assets at the IFSC have now crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion. The city currently hosts more than 1,150 entities spanning financial services, technology and allied sectors.
The ecosystem breakdown includes 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.
PMO's Push for Concrete Outcomes
P.K. Mishra, Principal Secretary to the Prime Minister, addressed the gathering after the review, underscoring the importance of converting the Prime Minister's vision for GIFT-IFSC into tangible results. He called for continued efforts to attract skilled professionals and build world-class infrastructure, while acknowledging the progress achieved so far.
Mishra's remarks reinforced a consistent signal from the Prime Minister's Office: that GIFT City is not merely a regulatory experiment but a strategic asset in India's bid for global financial relevance.
Broader Vision: Viksit Bharat 2047
Sitharaman explicitly linked GIFT City's trajectory to India's long-term development goal of Viksit Bharat @2047. '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,' she said.
The review was attended by Gujarat Deputy Chief Minister Harsh Sanghavi, senior officials from the Prime Minister's Office, Ministry of Finance, Ministry of Corporate Affairs, the state government, the International Financial Services Centres Authority (IFSCA) and GIFT City officials. The meeting focused on IFSC ecosystem development, institutional capacity building and infrastructure expansion to attract global financial institutions, investors and skilled professionals.
With banking assets breaching the USD 110 billion mark and fund commitments surging, GIFT City's next phase will test whether India can move from a promising financial hub to a genuine rival of established centres such as Singapore and Dubai.
Point of View
But the more telling number is the 1,150-plus entities — a critical mass that suggests GIFT City is past the 'empty towers' phase that plagued its early years. The real question is whether the regulatory agility Sitharaman praised can be sustained as the ecosystem scales, or whether India's tendency toward retrospective compliance burdens will gradually erode the competitive edge over Singapore and Dubai. The PMO's explicit push for 'measurable outcomes' is an admission that aspiration has, in the past, outpaced execution. GIFT City's aircraft and ship leasing verticals — still nascent — are the sleeper story: if India captures even a fraction of that global market, the financial multiplier dwarfs the fund management numbers currently generating the headlines.
NationPress
7 Jul 2026
Frequently Asked Questions
What is GIFT City and why does it matter?
GIFT City, or Gujarat International Finance Tec-City, is India's first operational smart city and International Financial Services Centre, located in Gandhinagar, Gujarat. It is designed to attract global financial institutions, fund managers and fintech firms by offering a globally benchmarked regulatory environment, making it central to India's ambition of becoming a major international financial hub.
How large is GIFT City's financial ecosystem as of May 2025?
Banking assets at GIFT City have crossed USD 110 billion, and capital commitments under fund management activities exceed USD 32 billion. The city hosts over 1,150 entities, including 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities.
What did Finance Minister Sitharaman say about GIFT City's role?
Sitharaman described GIFT City as 'an important pillar of India's international financial architecture,' saying it reflected India's growing economic confidence. She stressed that policy discussions must yield immediate implementation and measurable ground-level changes, not just deliberation.
What is the government's long-term vision for GIFT City?
The Centre has linked GIFT City's development to India's Viksit Bharat @2047 goal — the vision of a fully developed India by its centenary of independence. Officials from the PMO have called for translating this vision into concrete outcomes through skilled talent attraction and world-class infrastructure.
Who attended the GIFT City review meeting on 22 May 2025?
The review was attended by Finance Minister Nirmala Sitharaman, Gujarat Deputy Chief Minister Harsh Sanghavi, PMO Principal Secretary P.K. Mishra, and senior officials from the Ministry of Finance, Ministry of Corporate Affairs, the state government, the International Financial Services Centres Authority (IFSCA) and GIFT City.
