The Finance Minister, Nirmala Sitharaman, expressed her satisfaction with the impressive growth witnessed across the financial services sector in GIFT City, Gujarat, owing to various initiatives taken by the government over the last three years. Emphasizing the comprehensive development, she highlighted the remarkable expansion in banking, capital markets, fund management, insurance, aircraft leasing, and FinTech within GIFT City.
One of the significant milestones achieved was the successful full-scale operation of the NSE IFSC-SGX Connect, in collaboration with the Singapore Exchange (SGX). The transition of SGX Nifty derivatives to NSE IFSC on July 3, 2023, marked a significant achievement in the financial landscape of GIFT City.
Further praising the progress, Nirmala Sitharaman shared that GIFT Nifty derivatives on NSE International Exchange (NSE IX) witnessed a record-breaking single-day trading activity on July 24, 2023. The session recorded over 2.14 lakh contracts traded, with a substantial turnover of $8.5 billion.
The Finance Minister expressed her enthusiasm for the rapid growth of the financial ecosystem in GIFT City, which currently boasts a network of more than 70 funds and other key players. As of June 2023, the total capital committed to these funds stood at an impressive $16.3 billion.
The success and expansion of GIFT City as a major financial hub underscore India’s potential as an international financial center. The continuous efforts and collaborative initiatives between the government and financial regulators have enabled the city to flourish and attract significant investments in various financial sectors.
The remarkable growth of financial services in GIFT City reflects the government’s commitment to fostering a conducive environment for economic development and promoting India’s position as a global financial player. With the thriving ecosystem and ongoing support, GIFT City is expected to continue attracting more financial institutions and strengthen India’s presence on the international financial stage.
