Gandhinagar, March 28 (NationPress) In an effort to establish India as a competitive global financial center, Gujarat's GIFT City has witnessed significant advancements in financial activities and international engagement. Chief Minister Bhupendra Patel referred to it as a dynamic reality fueling economic progress.

Patel noted that this initiative, originally conceived by Prime Minister Narendra Modi during his time as Chief Minister of Gujarat, has transcended its foundational concept to emerge as a fully functional international financial hub.

“Today, GIFT City serves as a robust symbol of India’s growing prominence within the global financial landscape. What started as an ambitious and forward-thinking vision has transformed into a fully operational international financial center, firmly positioning Gujarat and India on the global finance and innovation stage,” stated Patel.

He emphasized that GIFT City is now home to over 1,150 registered entities and a banking ecosystem surpassing USD 100 billion, with monthly trading volumes also exceeding the USD 100 billion threshold.

Patel remarked that this scale reflects a rising global interest and confidence in India’s financial framework.

GIFT City hosts India’s inaugural operational International Financial Services Centre, regulated by a single authority that simplifies governance across various sectors, including banking, insurance, capital markets, and fund management.

This center provides tax benefits and streamlined regulations, attracting a diverse array of both international and domestic players, including banks, insurance firms, fintech companies, and asset management organizations.

“Prominent global firms, fintech innovators, and financial service providers are establishing their presence in GIFT City, highlighting the increasing international trust in India’s regulatory framework and infrastructure,” Patel remarked.

He also pointed out that the ecosystem has enhanced the ease of conducting business while promoting large-scale innovation.

“GIFT City is not merely a concept; it is a dynamic reality driving economic advancement,” he asserted.

Patel further emphasized the employment opportunities generated by this initiative, noting that it has created thousands of high-quality jobs, particularly for young professionals in finance, technology, and related industries.

“From multinational banks and insurance leaders to innovative fintech startups and asset management firms, GIFT City has cultivated a vibrant ecosystem that attracts investments, simplifies business operations, and encourages large-scale innovation,” he concluded.