GIFT City Declared India's First Fully Operational Global Finance and IT Hub

Status Announcement and Government Decision

The city's development, which began as a vision under Prime Minister Narendra Modi during his tenure as Chief Minister of Gujarat, has transformed into a vibrant, policy-driven financial centre adhering to global standards. Gujarat Chief Minister Bhupendra Patel described GIFT City as a "fully operational international financial hub", underlining how the project has moved beyond vision into tangible economic impact.

A presentation outlined the rapid maturation of India's first fully integrated global financial and IT hub, making clear that GIFT City is no longer a vision but a functioning ecosystem already delivering substantial benefits to Gujarat through employment, investment inflows, and world-class infrastructure.

Banking and Capital Markets Growth

Banking assets at GIFT City's International Financial Services Centre (IFSC) have crossed USD 106.7 billion as of February 2026, marking a more than seven-fold increase from USD 14 billion in September 2020. 37 banks are operational, including global names such as DBS, Credit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho, Standard Chartered, and Qatar National Bank.

The capital markets ecosystem has reached USD 80 billion, with monthly exchange turnovers consistently exceeding USD 100 billion. More than 200 bonds worth close to USD 70 billion have been listed, and over 300 funds have been launched with significant committed capital.

Market Infrastructure and Innovation

The Foreign Currency Settlement System (FCSS) was launched in October 2025, enabling IFSC Banking Units to settle foreign currency transactions locally, reducing reliance on traditional correspondent banking channels and improving efficiency.

Technologically, GIFT City has pioneered advanced utilities, being the first in India to implement an integrated underground utility tunnel system. This is supported by district cooling infrastructure and automated waste collection systems, facilitating efficient operations and sustainability.

In 2025, TechFin regulations introduced a single registration covering more than 50 services, with 118 entities already registered.

Diversified Ecosystem

The city's ecosystem now encompasses capital markets, banking, insurance, aircraft and ship leasing, global capability centres, fintech innovation hubs, and educational partnerships with leading global universities. Insurance has attracted 65 registered entities, while aircraft leasing involves 35 firms managing 372 aviation assets, and ship leasing has 36 entities and 34 ships leased.

International universities already operational include Deakin University, University of Wollongong, and Queen's University Belfast, with the University of Surrey in the pipeline.

Global Positioning and International Engagement

GIFT City has positioned itself as India's gateway to capital through active international engagement, with participation in events such as the World Economic Forum in Davos and initiatives in Milan, Zurich, Hong Kong, Germany, and Austria. Domestically, GIFT City maintains strong connections through banking forums involving over 100 institutions, Vibrant Gujarat events, IGF Mumbai interactions, and reinsurance summits.

Employment and Urban Development

Employment potential is projected to exceed 100,000 jobs by 2030, supported by large-scale infrastructure expansion across commercial, residential, and institutional spaces. GIFT City is an 886-acre integrated project that creates 62 million square feet of built-up area, including 67% commercial space, 22% residential space and 11% community space.

The city is designed so residents can walk to work, and includes commercial, financial and residential complexes.