While presenting the budget for 2021-22, Union Finance Minister Nirmala Sitharaman announced that the government will facilitate setting up of a world class ‘fintech hub’ in Gujarat International Finance Tec (GIFT) city.

GIFT City is a planned business district that spans over 886 acres of land with 62 mn sq. ft. of built-up area which includes office spaces, residential apartments, schools, hospital, hotels, clubs, retail and various recreational facilities.

GIFT City consists of a conducive multi-service SEZ (Special Economic Zone) and an exclusive Domestic Area.

The city is located on the bank of river Sabarmati connecting Ahmedabad and Gandhinagar.

India is one of the fastest-growing fintech markets in the world. The fintech market in India is expected to reach Rs 6,207.41 billion by 2025, expanding at a compound annual growth rate (CAGR) of 22.7 per cent during the 2020-2025 period, according to ResearchAndMarkets.

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