PNN
Gandhinagar (Gujarat) [India], March 28: No longer just a conceptual vision, GIFT City has officially transitioned into a fully functioning global financial and IT hub. Recent progress reports indicate that the city is now competing directly with established global financial centers, positioning India as a primary owner of financial value creation rather than just a consumer of global services.
The scale of the ecosystem is reflected in its rapidly growing financial metrics. As of February 2026, GIFT City hosts over 1,150 IFSCA registered entities. The banking sector has seen a massive surge, with assets growing from $14 billion in 2020 to $106.7 billion today, supported by 37 operational domestic and foreign banks including JP Morgan, Deutsche Bank, and HSBC.
The capital markets are showing similar momentum:
Fund Activity: 349 funds have been launched with a targeted corpus of $80 billion
Exchange Turnover: Monthly turnover has crossed $100 billion, with the NSE IX-SGX Connect facilitating an average daily derivatives turnover of $4.8 billion.
Bond Listings: Over 200 bonds are currently listed, valued at approximately $70.9 billion.
The city is diversifying into high-value services such as aircraft and ship leasing. Currently, 35 aircraft leasing firms are managing 372 aviation assets, while 36 ship leasing entities have 34 vessels under their belt.
This growth is accompanied by a massive commitment to talent. Major global firms including Deloitte, PwC, Wipro, and HCL Technologies have announced significant job creation plans. Total incremental employment potential is projected to exceed 136,000 jobs by 2030 as commercial and residential infrastructure expands.
GIFT City distinguishes itself through "deep engineering" rather than just surface-level development. It features India's first fully integrated underground utility tunnel, district cooling systems, and automated waste collection.
To support the "Live, Work, Thrive" philosophy, the city is expanding its social infrastructure with:
Two additional metro stations and intelligent traffic systems.
International schools, a destination mall, and a central park.
7,500 planned residential units by 2030.
The ecosystem is further bolstered by the presence of international branch campuses from Deakin University, University of Wollongong, and Queen's University Belfast. Additionally, a dedicated Fintech Innovation Hub, launched in early 2025, has already onboarded 37 startups and trained over 400 participants, ensuring a steady pipeline of innovation and skilled professionals.
Through a combination of regulatory ease--such as the Unified Licensing system--and strategic global outreach from Davos to Hong Kong, GIFT City is firmly established as India's premier jurisdiction for global financial operations.
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