Informist, Thursday, Jun. 26, 2025

NEW DELHI – Finance Minister Nirmala Sitharaman Thursday called for fast-tracking reforms at the Gujarat International Finance Tec-City International Financial Services Centre in the next few years. She reviewed the progress of GIFT City and said the financial services centre should be more competitive and cost effective to attract investments by high net worth individuals.

The finance minister underlined the potential of the International Financial Services Centre Authority's role in mobilising sovereign and pension funds at GIFT City. These funds should be mobilised for financial needs of the country and for ensuring a deep and future-ready workforce, the finance ministry said in a release.

Sitharaman stressed on the need to scale up operations at the India International Bullion Exchange by expanding participation of stakeholders and strengthening price discovery. This would position GIFT City as a global bullion hub, the finance minister said.

In Gandhinagar, Sitharaman attended a review meeting for GIFT City, which was also attended by Gujarat's Finance Minister Kanubhai Desai and Finance Secretary Ajay Seth. Reserve Bank of India Deputy Governor T. Rabi Sankar, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey, among others, were also part of the meeting. Sitharaman also attended a roundtable interaction with heads of several institutions from banking, insurance, capital markets, and other industries.

"Reiterating GIFT IFSC's core mandate for focussing on bringing foreign capital into India through structured and well-regulated channels, Smt. Sitharaman also laid emphasis on the importance of Indian financial sector regulators to take initiatives for identifying aspirational needs of GIFT IFSC in this direction," the finance ministry said in the release. "The Union Finance Minister indicated that the twin advantages of India pertaining to technology and availability of a very large domestic market and its financing needs must be leveraged to gain competitive advantage."

The finance minister said that GIFT City should be developed as a gateway for global capital flows into India. This would help meet the needs of high growth sectors for India's growth trajectory over the next two decades, she said. End

Reported by Shubham Rana

Edited by Ashish Shirke

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