GIFT City, India's first International Financial Services Centre (IFSC) is rapidly emerging as a global financial hub. This city located in Gujarat, has attracted over 100 financial institutions from around the world including banks, insurers, asset managers and exchanges.
"GIFT City is a unique and innovative financial ecosystem that is attracting global attention," said Suresh Sharma, CEO of GIFT City. "We offer a number of advantages to financial institutions, including a liberal regulatory environment, a robust infrastructure and a skilled workforce."
GIFT City's liberal regulatory environment allows financial institutions to operate with greater flexibility than they would be able to in the rest of India. The city's robust infrastructure includes world class office space, hotels and transportation facilities. And GIFT City's skilled workforce is well versed in the financial sector.
These advantages have helped GIFT City to attract a growing number of financial institutions. In 2022, city's gross financial assets (GFA) grew by 30% to reach $40 billion. The city is also expected to attract over $100 billion in investments by 2025.
The growth of GIFT City is being driven by a number of factors including the increasing demand for financial services in India, rise of the Indian economy and government's supportive policies.
"The government of India has been very supportive of GIFT City," said Sharma. "They have provided us with a number of incentives such as tax breaks and custom duty exemptions. This has helped us to attract financial institutions from around the world."
The growth of GIFT City is expected to boost the Indian economy and create jobs. The city is also expected to attract foreign investment and help India become a global financial hub.
"GIFT City is a major milestone in India's journey to becoming a global financial hub," said Construction Management. "We are confident that GIFT City will continue to grow in the coming years and become a major player in the global financial landscape."
GIFT offers a number of other advantages to financial institutions like a favorable time zone, which makes it easy to do business with global partners, it's strategic location close to the financial centers of Mumbai and Dubai. Strong legal and regulatory framework with a skilled and multilingual workforce.
The future of GIFT City looks bright. The city is expected to continue to grow in the coming years, attracting more financial institutions and investment. GIFT City is well positioned to become a major global financial hub.