Gandhinagar (Gujarat) [India]: The GIFT City is ideally poised to be the gateway for the financial and investment hub and has an important role to play in fulfilling the vision for India to become a developed nation by 2047, said Union Finance Minister Nirmala Sitharaman.
Addressing a seminar ‘GIFT City-An Aspiration of Modern India’, organised as part of the 10th Vibrant Gujarat Global Summit 2024, in Gandhinagar on Thursday said GIFT City should look at being a platform for green credits.
It should also aim to build diverse fintech laboratories to achieve the target of India’s economy becoming USD 30 trillion by 2047, the Union Finance Minister added.
PM Modi conceptualised the idea of GIFT City way back in 2007 when he was the Chief Minister of Gujarat and it has now expanded into becoming a major international financial hub.
Listing out the growing presence of operations at International Financial Services Centres (IFSC), Sitharaman said there are now three exchanges, including the International Bullion Exchange, 25 banks, including 9 foreign banks, 26 aircraft lesser, 80 fund managers, 50 professional service providers and 40 fintech entities in the GIFT City.
The Union Finance Minister further said India should aim to become a manufacturing hub for shipping and eight ship leasing entities are working in IFSC that would enable access to global finance. Retail participation in stock markets in India is another distinct feature of the financial sector reforms initiated by the government, Sitharaman added.
The Union Finance Minister said India is now driving the growth engine of the world and can become the bridge between the developed Western world and the Global South as India continues onwards to the path of financial prominence on the global stage, the people of India want to become innovators and entrepreneurs and added that GIFT City can help in realising these aspirations.
On Wednesday, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.
The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations.
The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions.