GIFT City emerges as India’s fastest-growing global financial hub: 1,034 entities, $100 billion banking assets

Ziraat Times Team Report

New Delhi: Gujarat International Finance Tec-City (GIFT City) is rapidly consolidating its position as India’s premier global financial and technology hub, with over 1,034 registered entities, 38 international banks, and a combined banking asset base crossing $100.14 billion, according to a government release issued on Friday.

Located in Gandhinagar, GIFT City is India’s first International Financial Services Centre (IFSC) and the country’s first operational smart city. Spread across nearly 1,000 acres and expanding to over 3,300 acres with Special Economic Zone (SEZ) and Domestic Tariff Area (DTA) components, it represents India’s most ambitious attempt to rival global hubs such as Singapore and Dubai.

Global-scale growth, tax incentives driving expansion

GIFT IFSC units enjoy a 10-year income tax exemption within a 15-year block, exemption from GST on IFSC transactions, and duty-free import of goods into the SEZ—policies that have significantly accelerated international business inflows.

Banks operating from GIFT City disbursed nearly $20 billion in dollar loans to Indian corporates, overtaking established hubs like London and Singapore in certain segments.

The hub has earned its highest-ever global ranking, placed 46th in the Global Financial Centres Index (March 2025) and 5th among emerging centres, while topping the reputation index.

Integrated global ecosystem: banks, fintech, aircraft leasing & more

GIFT City today hosts a wide spectrum of global institutions:

• Banks: Standard Chartered, HSBC, J.P. Morgan, Citi, Deutsche Bank, BNP Paribas

• Fintech majors: Wipro, Infosys, Cognizant, KFintech, Signzy

• Aircraft & ship leasing: 37 aircraft lessors (303 aircraft), 34 ship lessors (28 ships)

• Insurance & reinsurance: 52 entities with $425 million gross premiums booked

• Fund management: 194 Fund Management Entities (FMEs)

• Stock exchanges: Two international exchanges with a monthly turnover of $89.67 billion

• GIFT Nifty turnover: $102.35 billion (May 2025)

The India International Bullion Exchange (IIBX), launched in 2022, has also positioned GIFT City as a major gateway for responsible bullion trade.

Fintech & innovation hub in the making

With 20 registered fintech/techfin entities and eight operating under sandbox regulations, GIFT City is building a strong fintech research and innovation culture.

A dedicated International Fintech Innovation & Research Centre—supported by the Government of Gujarat, Asian Development Bank, IIT Gandhinagar, and UC San Diego—anchors global excellence in training, cross-border collaboration, and startup acceleration.

World-class infrastructure: India’s first smart city

GIFT City offers plug-and-play infrastructure with:

• A district cooling system reducing energy consumption by 30%

• Automated Waste Collection System (AWCS)

• A 17-km utility tunnel, enabling a digging-free city

• 99.999% reliable power supply

• Zero-discharge water management

• Tier-IV certified green data centre

• Integrated metro connectivity with Ahmedabad and Gandhinagar

• EV bus network, multi-level parking, and high-speed digital backbone

A 21-acre central park, riverfront, and a Lilavati Hospital are under development, enhancing the city’s social infrastructure.

Hub for global education

GIFT City is emerging as a gateway to international education, with foreign universities such as Deakin University, University of Wollongong, Queen’s University Belfast, and Coventry University establishing or preparing to open campuses.

Academic Infrastructure Service Providers (AISPs) are enabling smoother operations for global institutions.

Preferred location for global capability centres

Large GCCs of Infineon Technologies, Technip Energies, TELUS, Accenture, and Capgemini have set up operations, with employee strength ranging between 500 and 1,000 per centre—marking GIFT City’s rise as a technology and innovation corridor.

Policy support accelerating growth

Over the past five years, the Government of India has implemented multiple reforms to boost GIFT City:

• Tax holidays under Section 80-LA

• New-age product categories such as aircraft and ship leasing

• Delegation of SEZ Development Commissioner powers to IFSCA

• Launch of the Single Window IT System (SWITS)

The International Financial Services Centres Authority (IFSCA), operational since 2020, continues to serve as a unified regulator, ensuring global standards across banking, capital markets, fintech, insurance, and asset management.