FM Sitharaman Urges Fast-Track Reforms at GIFT IFSC to Realize Vision 2047
- FM Nirmala Sitharaman reviewed GIFT IFSC’s progress and called for fast-tracking reforms to align with the Viksit Bharat @2047 vision.
- She emphasized attracting global capital and talent, making GIFT IFSC more competitive, cost-effective, and a gateway for international investments.
- The Finance Minister also stressed scaling up the India International Bullion Exchange (IIBX) and developing GIFT City as a world-class smart financial hub.
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, visited the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, where she conducted a high-level review of the GIFT IFSC’s development and interacted with key market stakeholders. The visit underscores the government’s ongoing commitment to positioning GIFT IFSC as a world-class global financial hub, aligned with the long-term vision of ‘Viksit Bharat @2047’.
The review meeting witnessed the presence of Shri Kanubhai Desai, Minister of Finance, Energy & Petrochemicals, Government of Gujarat; senior officials from the Ministry of Finance including Secretaries of all departments, Ministry of Corporate Affairs, Department of Legal Affairs, Department of Commerce, Deputy Governor of the RBI, Chairpersons of SEBI, IRDAI, IFSCA, and GIFT City Co. Ltd., among others.
GIFT City Co. Ltd and the International Financial Services Centres Authority (IFSCA) made detailed presentations highlighting recent policy initiatives, regulatory advancements, and tax reforms that are shaping GIFT IFSC’s transformation into a competitive global financial centre. The focus was on strategies to attract foreign investment and elevate India’s global financial footprint.
In her address, Smt. Sitharaman lauded the progress made by GIFT IFSC in enhancing India’s role in global finance. She emphasized the urgency of implementing reforms over the next few years to maintain momentum and achieve the nation’s goal of becoming a developed economy by 2047. The Finance Minister reiterated that GIFT IFSC’s core mission is to channel foreign capital into India through structured, transparent, and regulated mechanisms.
Recognizing India’s strengths in technology and the vast size of its domestic market, she urged financial sector regulators to identify and support the aspirational needs of GIFT IFSC. This, she stated, would help the centre gain a competitive edge and serve the diverse financing needs of a fast-growing economy.
Smt. Sitharaman called on the officials to make GIFT IFSC more cost-effective and attractive to High Net-Worth Individuals (HNIs). She highlighted the significant role IFSCA could play in mobilizing Sovereign Wealth and Pension Funds for India’s financial growth while also ensuring the development of a future-ready talent pool to support the IFSC’s expanding operations.
Given India’s position as one of the world’s largest importers of gold, the Finance Minister stressed the need to scale up the India International Bullion Exchange (IIBX). She called for increased stakeholder participation, robust price discovery mechanisms, and strengthening of IIBX to position GIFT IFSC as a leading bullion trading hub globally.
In a roundtable discussion with senior representatives from 21 leading institutions, Smt. Sitharaman interacted with MDs, CEOs, CFOs, and Founders from sectors such as banking, insurance, capital markets, funds, finance companies, aircraft and ship leasing, payment services, TechFin, and international universities. She appreciated their feedback and noted that ongoing engagements with investors, as initiated by Prime Minister Narendra Modi, have played a crucial role in resolving concerns and driving business development.
Concluding her visit, the Finance Minister emphasized the importance of transforming GIFT City into a smart, sustainable, and integrated urban ecosystem. She highlighted that world-class infrastructure and living amenities are key to attracting top global and domestic talent vital to the long-term success of GIFT IFSC.
