The Union Finance Minister said Prime Minister Shri Narendra Modi had 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.
Spelling out the vision of the Prime Minister in terms of green technology, Smt. Sitharaman said GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratory to achieve the target of India’s economy becoming $30 trillion by 2047, the Union Finance Minister added.
Listing out the growing presence of operations at International Financial Services Centres (IFSC), Smt. Sitharaman said there are now 3 exchanges including 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 manufacturing hub for shipping and there are 8 ship leasing entities 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, Smt. Sitharaman added.
