Nirmala Sitharaman Advocates Diverse Fintech Lab at GIFT City for India's $30-Trillion Economy Vision

In her address at the 10th Vibrant Gujarat Global Summit, Union Finance Minister Nirmala Sitharaman emphasized the need for GIFT City to establish a diverse fintech laboratory to support India's ambitious goal of becoming a $30-trillion economy by 2047. GIFT City, originally conceptualized by Prime Minister Narendra Modi in 2007, has evolved into a crucial financial and investment hub in Gujarat.

Sitharaman highlighted the significant role GIFT City plays as a state-of-the-art business complex and suggested that it should serve as a platform for green credits. She urged the development of a diverse fintech laboratory to contribute towards achieving the ambitious economic target set for the nation.

With three exchanges, including the International Bullion Exchange, 25 banks (including 9 foreign banks), 26 aircraft lessors, 80 fund managers, 50 professional service providers, and 40 fintech entities, GIFT City has emerged as a major international financial hub.

Sitharaman encouraged India to aspire to become a manufacturing hub for shipping, pointing out that eight ship leasing entities operating in the International Financial Services Centre (IFSC) can facilitate access to global finance. She also noted the distinctive feature of increased retail participation in India's stock markets as part of the government's financial sector reforms.

Characterizing GIFT City as a fusion of technology and the financial world, Sitharaman emphasized the infusion of technology into financial services. GIFT City is designed to provide Indian entrepreneurs with advantages to access global finance, contributing to India's role as a bridge between the developed Western world and the Global South.

Highlighting India's position as a driving force in global growth, Sitharaman expressed the nation's desire to foster innovation and entrepreneurship on the global stage. The Finance Minister underlined that GIFT City stands out by integrating financial services with technology, marking a crucial evolution from the traditional focus on capital in global financial hubs.