FM Sitharaman Reviews GIFT City Progress, Emphasizes Scale, Technology and Talent as Hub Crosses $110B in Banking Assets

The Meeting and Attendees

On Friday, May 22, 2026, Union Finance Minister Nirmala Sitharaman chaired a high-level review meeting on the progress of GIFT City and its evolving international financial services ecosystem at GIFT City, Gandhinagar.

The review meeting was attended by Shri P.K. Mishra, Principal Secretary to the Prime Minister; Shri Harsh Sanghavi, Deputy Chief Minister of Gujarat; senior officials from the Prime Minister's Office, Ministry of Finance, Ministry of Corporate Affairs, Government of Gujarat, International Financial Services Centres Authority (IFSCA), and GIFT City officials.

Also present were Shri V. Vualnam, Secretary, D/o Expenditure; Smt. Anuradha Thakur, Secretary D/o Economic Affairs; Shri Arvind Shrivastava, Secretary, D/o Revenue; Shri Uday Kotak, Chairman of GIFT City; and Shri K. Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA).

Focus Areas and Presentations

During the meeting, presentations were made on the progress achieved by GIFT City across sectors including banking, capital markets, fund management, insurance and reinsurance, aircraft and ship leasing, fintech, bullion exchange, international education and allied services.

Discussions were held on infrastructure development, talent ecosystem, ease of doing business, taxation framework, residential ecosystem and measures required for further strengthening GIFT City's position as a globally competitive international financial and business hub.

What Sitharaman Said

Noting that GIFT City has emerged as an important pillar of India's international financial architecture and reflects the country's growing economic confidence and global aspirations, Sitharaman stated that India today offers a unique combination of scale, technology, talent and growth opportunities.

The Union Finance Minister also highlighted the importance of futuristic discussions leading to immediate action driving ground level changes.

The progress achieved so far is encouraging, and continued coordination among stakeholders will further strengthen GIFT City's role in India's growth journey towards Viksit Bharat @2047.

Current Scale and Operations

GIFT City today hosts more than 1,150 entities operating across financial services, technology and allied sectors. Banking assets at GIFT City have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion. The ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors and 36 ship leasing entities, along with international exchanges, fintech firms and international universities.

Strategic Importance Highlighted

Finance Minister Nirmala Sitharaman emphasized the strategic importance of GIFT City in strengthening India's integration with global financial markets. She noted that GIFT City is becoming increasingly important for facilitating international capital flows into India while operating through globally benchmarked institutional and regulatory frameworks.

The Finance Minister stated that GIFT City reflects India's rising economic confidence and global aspirations as the country seeks a larger role in international finance and business.

What Comes Next

A limited talent pool, weak lifestyle ecosystem, and lack of campus vibrancy are emerging as some of the big weaknesses of GIFT City, according to an official document presented at the review meeting.

Several policy decisions have been taken to attract more international companies and accelerate economic activities, with talent pool development remaining central to the vision.

Finance Minister Sitharaman noted that if future-oriented discussions are implemented immediately, transformative changes can be achieved at the ground level.