Situated in Gandhinagar, Gujarat, GIFT City, also known as Gujarat International Finance Tec-City, is the nation’s first FinTech City. The vision was to integrate financial services, urban infrastructure and technology innovation in a single ecosystem. It is also the nation’s first operational smart city and India’s first International Financial Services Centre (IFSC).
The 1,000-acre project, which was created under the Special Economic Zones (SEZ) Act of 2005, is currently being expanded to more than 3,300 acres. It includes the GIFT Multi Services SEZ and a Domestic Tariff Area (DTA). The city can accommodate both onshore and offshore financial businesses within a single, globally linked regulatory framework.
The International Financial Services Centres Authority (IFSCA) was founded under the IFSCA Act of 2019. It has been in existence since April 2020. It unifies its regulatory framework. IFSCA ensures worldwide coherence, ease of doing business and innovation-friendly regulations by consolidating authorities previously held by RBI, SEBI, IRDAI, and PFRDA for IFSC operations.
India’s first foreign bullion exchange, IIBX, was established in July 2022 and is governed by IFSCA. It is supported by significant financial institutions. It improves India’s position in international bullion markets by streamlining bullion imports, offering a transparent trading ecosystem, and adhering to OECD due-diligence compliance. Strategic connection, cutting-edge infrastructure, progressive regulations, a large talent pool, and fintech-friendly legislation all contribute to GIFT City’s strong growth environment for Global Capability Centres. Financial service companies established Global In-House Centres (GICs). It acts as a specialised organisation to assist international foreign exchange transactions. The basis for their recognition and functioning is provided by the IFSCA GIC Regulations, 2020.
GIFT IFSC is quickly becoming a major hub for fintech worldwide. Both direct authorization and sandbox participation are supported by a specific regulatory framework. As of September 2025, GIFT City has eight active sandbox participants and twenty registered FinTech companies. About 2,500 experts work for prestigious companies like Wipro, Infosys, Cognizant, and Hexaware. The Asian Development Bank (ADB) and the Gujarat government collaborated on this project. Further, with assistance from IIT Gandhinagar, Ahmedabad University, UC San Diego, and Plug & Play. Research, training, incubation, and international cooperation are its main priorities.
Significant growth in banking, capital markets, asset management, fintech and insurance has been witnessed in the past few years. GIFT City has now developed into one of India’s most vibrant financial and technological hubs. With more than 1,034 registered firms, the city has attained its highest level of international recognition. It ranked 46th in the Global Financial Centres Index in March 2025. Reputation Index which placed it 5th out of 15 developing financial centres. Its financial environment is rapidly expanding. Banks based in GIFT City have already given out about USD 20 billion USD loans to Indian corporations. The two foreign exchanges have an average monthly turnover of around USD 90 billion, and cumulative commitments above USD 26 billion. The city’s capital markets activity has been continuously increasing.
The city’s increasing significance on a global scale is further demonstrated by the performance of GIFT Nifty. It generated over USD 102 billion in trade in May 2025 alone. The banking vertical is still progressing. There are 38 operating entities, banking assets over USD 100 billion, and cumulative transactions approaching USD 143 billion. Additionally, there are 52 insurance companies providing USD 425 million in gross premiums. There is also a rapidly expanding pool of ship and aircraft lessors comprising 303 aircraft and 28 vessels.
Beyond the financial sector, GIFT City is becoming a top choice for technology-driven businesses and global capability centres (GCCs). Several prominent companies have greatly increased their presence. Companies like Infineon with 750 people, Technip Energies and TELUS with 500 each and the chip design team at Tata Electronics have marked presence. Organizations like Accenture, Capgemini, IBM Consulting, and the NASSCOM Deep Tech Centre of Excellence are expanding the ecosystem of infrastructure for technology and innovation. Top asset managers like ADIA, Morgan Stanley, Lighthouse Canton, Bering and Onyx have established fund management operations. The global banks like Standard Chartered, HSBC, J.P. Morgan, Citi, Deutsche Bank, BNP Paribas, Barclays, DBS, MUFG, and Mizuho support its global reputation.
Together, these developments highlight GIFT City’s evolution as a technological and financial centre. City that is globally competitive and at the centre of India’s goal to become a major global marketplace. GIFT City is gradually creating an environment that can compete with well-established financial hubs. The robust legislative support, increasing capital flows and involvement from international banks and digital companies contributes to it. Its significant growth in finance, technology and innovation is indicative of both present momentum and a forward path. Serving as a driving force behind India’s financial globalization, economic progress and future-ready digital infrastructure.
Clear Cut Startups Desk
New Delhi, UPDATED: Dec 01, 2025 04:04 IST
Written By: Nidhi Chandrikapure
