Finance Minister Nirmala Sitharaman unveils GIFT city's financial landscape
Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City).
Emphasizing the city's strategic importance, the Minister highlighted the significant presence of various financial entities and the thriving derivatives market.
Sitharaman said, «There are now three exchanges, twenty-six banks, and twenty-six aircraft lessors in the IFSC. The GIFT City is required to host the offices of aircraft firms.
GIFT CITY is home to 86 fund managers and 8 ship leasing companies. GIFT City has advisors from 50 professional firms.
GIFT city has 580 entities. By October, GIFT City's derivative contract was worth 2.02 billion USD».
In her address, Sitharaman underscored the importance of aircraft companies establishing their offices in GIFT City, revealing that 86 fund managers and eight ship leasing companies have already set up operations within the financial hub.
The Finance Minister said, «The best adoption rate for fintech globally is 80 per cent.
A worldwide fintech company based in India should have a presence in Gift City. Any international fintech company looking to do business in India needs to have offices in GIFT City.
The PM stated yesterday that all global financial centres were seen as capital, with money coming in and money going out».
Additionally, she noted that 50 professional firms and advisors, along with 580 entities, contribute to the vibrant financial landscape of GIFT City.
One of the key achievements highlighted by the Finance Minister was the substantial growth in derivative contracts, reaching a staggering USD 2.02 billion USD by October. The fintech adoption rate in GIFT City,
