The BGA India Team, led by Managing Director Ratan Shrivastava, wrote an update to clients on India’s Gujarat International Finance Tec-City (GIFT).


  • GIFT City was established in 2015 with the aim of becoming India’s first global financial hub, on par with Singapore, Dubai and Hong Kong. The concept was to set up an International Financial Services Center (IFSC) that would also host other businesses like information technology (IT) and IT-enabled services alongside a social ecosystem with world class infrastructure. With $55.5 billion of bonds issuance and more than $30 billion in investment fund commitments, GIFT City is emerging as a gateway for global capital inflows into India’s key economic sectors.
  • The global financial hub was established with an aim to bring back the financial transactions and services carried out in overseas jurisdictions by Indian entities. Its target business sectors include finance, banking, fintech, capital markets, insurance, maritime, ship leasing, aircraft leasing, IT and IT-enabled services, global capability centers, global development centers, biotechnology, engineering and pharmaceuticals. The IFSC currently has three international exchanges including the India International Bullion Exchange, 25 banks (nine foreign banks), 26 aircraft leasers, 80 fund managers and more than 500 entities operating the city. The banking assets have exceeded $52 billion, with the banks’ cumulative transactions reaching about $508 billion.


  • India’s favorable regulatory landscape has supported businesses across sectors to establish operations in GIFT City. Several measures, such as dollar-denominated transactions, direct listing of Indian companies and establishment of international stock exchanges in the region, have helped reshape India’s capital markets ecosystem.
  • GIFT City combines three overlapping aspects: the IFSC, a multiservice special economic zone and a tax-exempt haven for companies, in turn creating a conducive financial ecosystem with its social infrastructure and domestic areas catering to the “walk to work” concept. Over the last few years, GIFT City has observed substantial growth, notably in capital markets, banking, financial services, insurance and fintech, through the stimulus of incentives.


  • GIFT City is built over 800 acres with cutting-edge infrastructure including automated power, water and district cooling systems. The improved connectivity and upcoming entertainment zone is expected to boost social capital. The Gujarat government also plans to expand GIFT City three times by developing modern office spaces, residential apartments, five-star hotels, schools and hospitals.
  • Recent funding of $23 million by the Asian Development Bank to build fintech innovation initiatives in GIFT City will likely boost the sector. Increased investment in the space could facilitate technological advancements, thus fostering the growth of fintech startups. The Prime Minister’s Office has direct oversight of GIFT City, which is expected to bolster transformative initiatives for Indian and overseas stock exchanges, asset management companies, financial entities and tech-sector enterprises.
  • We will continue to keep you updated on developments in India as they occur. If you have any comments or questions, please contact BGA India Managing Director Ratan Shrivastava at

Best regards,

BGA India Team