Gujarat CM Bhupendra Patel says GIFT City is now a fully operational financial hub, here is how it emerged as a vibrant reality driving economic growth

Gujarat’s Chief Minister Bhupendra Patel has said that the GIFT City has emerged as a “vibrant reality driving economic growth,” given the rapid growth in financial activity and international participation seen in the project. He said that the project has evolved from an initial concept into a fully operational international financial hub. The CM underscored the transformative impact of GIFT City on the state’s economy, positioning it as a catalyst for job creation, infrastructure development, and global financial integration. A presentation on the GIFT city outlined the rapid maturation of India’s first fully integrated global financial and IT hub, making clear that GIFT City is no longer a vision but a functioning ecosystem already delivering substantial benefits to Gujarat through employment, investment inflows, and world-class infrastructure. Located between Ahmedabad and Gandhinagar, GIFT City was envisioned by Prime Minister Narendra Modi as a world-class finance and IT zone that would serve not only India but the entire world. As the Chief Minister highlighted, the project is now operational and scaling rapidly, acting as India’s gateway to global capital, institutions, and financial systems. This progress directly supports Gujarat’s ambition to become a leading economic powerhouse. Strong operational momentum The latest figures demonstrate robust growth. More than 1,150 IFSCA-registered entities are now operational within GIFT City. The banking ecosystem has expanded to $106.7 billion, a near seven-fold increase in a short period, while the capital markets ecosystem has reached $80 billion. Monthly exchange turnover has surpassed $100 billion, with $101.8 billion in February 2026, reflecting high liquidity and active market participation. Additionally, 349 funds have been launched with a targeted corpus of $80 billion. These metrics, the Chief Minister noted, establish GIFT City as an active financial system rather than a future pipeline, bringing tangible economic activity and revenue potential to Gujarat. A major highlight for the state is the influx of high-quality employment opportunities. Several leading organisations have announced significant hiring plans by 2030, including ANSR (5,000+ jobs), Jaypee Capital (3,000+ jobs), Befree (1,500+ jobs), Hexaware (1,000+ jobs), Junomoneta (1,000+ jobs), Deloitte (1,000+ jobs), HCL Technologies (1,000+ jobs), PwC (600+ jobs), Wipro (500+ jobs), and KFintech (450+ jobs). This structured build-out spans consulting, technology, financial services, and backend operations, promising thousands of skilled positions for Gujarati youth and professionals migrating to the state. Infrastructure projections reinforce this employment boom. Between FY2026 and FY2030, GIFT City plans substantial floor-area expansion across domestic tariff area (DTA) and special economic zone (SEZ) areas. The DTA will add 10.25 million square feet supporting approximately 52,300 employees, while the SEZ will contribute 12.26 million square feet supporting around 84,600 employees. In total, the incremental employment potential exceeds 136,000 jobs. Approximately 7,500 residential units are also planned by 2030, ensuring a tightly integrated live-work ecosystem. Since December 2025, GIFT City has attracted a diverse range of participants, including financial services firms such as Jio BlackRock and IIFL, legal and advisory practices like Khaitan & Co and Trilegal, as well as insurance intermediaries and global/domestic financial service providers. This broadening participation across capital markets, advisory, insurance, and investment services signals growing confidence and strengthens Gujarat’s position as a preferred destination for both domestic and international capital. Regulatory framework Over 30 regulations and multiple frameworks have been implemented as part of regulatory architecture, aligned with international best practices. These include unified licensing for TechFin and service providers, as well as local foreign-currency settlement mechanisms, which reduce operational friction for global players. In 2025, TechFin regulations introduced a single registration covering more than 50 services, with 118 entities already registered. These measures enhance ease of doing business and support Gujarat’s goal of seamless integration with worldwide financial systems. World-class infrastructure and smart-city features GIFT City is being developed as India’s first truly engineered, self-sustaining smart city. Infrastructure priorities include pedestrian-friendly shaded walkways, intelligent traffic management, integrated mobility solutions, city-wide Wi-Fi, two additional metro stations, and enhanced connectivity to Ahmedabad and Gandhinagar. An important feature is the fully integrated underground utility tunnel system, the first of its kind in India, spanning 16 km. 6 km has been completed and 5.7 km under construction. The tunnel carries pipelines for water, drainage, district cooling, waste, and storm water. Automated waste collection and centralised utility networks further distinguish the city. Building development is advancing steadily: 29.47 million square feet have been allotted across 71 buildings, with 6.32 million square feet already completed across 29 buildings. Another 1.75 million square feet was finished in FY2025–26, while 19.50 million square feet (66 per cent of allotment) is under construction across 38 buildings. An additional 5.46 million square feet across 15 buildings is expected to be completed in FY2026–27. Social infrastructure is keeping pace to create a “live, work, thrive” environment, with a destination mall, central park, international school (IB/Cambridge curriculum), sports arena, golf range, F&B zones, and weekly events programming. Key institutional and innovation hubs Notable developments include the Fintech Institute, housing GIFT IFI and IFIH, in partnership with IIT Gandhinagar, Ahmedabad University, UC San Diego, and Plug and Play for startup incubation. Plans for an international branch campus for foreign universities are also underway. The GCC engagement pipeline is strong, with 23+ global clients engaged, four confirmed leads, and 11 qualified leads. The Fintech Innovation Hub, launched in January 2025, has already onboarded 37 startups, launched three certification programmes, and trained over 400 participants. Mature financial, insurance, and leasing sectors The capital markets ecosystem features 208 registered fund management entities, more than 200 bonds listed worth approximately $70.9 billion, and operational NSE IX–SGX Connect with average daily derivatives turnover of $4.8 billion. Banking has grown from $14 billion in assets in 2020 to $106.7 billion in 2026, with 37 banks operational (20 foreign, 17 domestic), including global names such as DBS, Credit Agricole, Deutsche Bank, Citi, HSBC, JP Morgan, MUFG, Mizuho, Standard Chartered, and Qatar National Bank. A key innovation is the 2025 Foreign Currency Settlement System, enabling local FX settlement without routing through global intermediaries. Insurance has attracted 65 registered entities, including global reinsurers such as Korean Re, Saudi Re, and Africa Re. Aircraft leasing involves 35 firms managing 372 aviation assets, while ship leasing has 36 entities and 34 ships leased. These high-value segments mark a strategic shift: India is moving from a consumer of global financial services to an owner and creator of financial value. International universities already operational include Deakin University, University of Wollongong, and Queen’s University Belfast, with the University of Surrey in the pipeline. Recent updates include Wipro’s AI-powered office expansion from 150 to 500 employees, the first IPO through GIFT IFSC, and a fintech accelerator for women. Globally, GIFT City has conducted more than 40 interactions at the World Economic Forum in Davos, alongside engagements in Milan (dual listing and ESG), Zurich (diaspora investment), Hong Kong (fund structuring), and Germany & Austria (insurance, treasury, and fintech). Domestically, initiatives include banking forums with over 100 banks, Vibrant Gujarat participation, and a reinsurance summit drawing 400+ participants. A fully operational global financial ecosystem The Chief Minister emphasised that GIFT City is now a policy-driven, globally benchmarked financial ecosystem integrating capital markets, banking, technology, talent, and infrastructure. “GIFT City stands today as a powerful testament to India’s rising stature in the global financial ecosystem. What began as a bold and futuristic idea has now developed into a fully operational international financial hub, placing Gujarat and India firmly on the world map of finance and innovation,” he said. By delivering high-skill jobs, cutting-edge infrastructure, and diversified financial services within Gujarat, the project is not only elevating India’s global standing but also generating sustained economic growth, urban development, and opportunities for the people of Gujarat.