Gujarat’s GIFT City to host 3rd Meeting of Deputy Chiefs of Finance & Central Banks as part of India’s G-20 Presidency

In a remarkable milestone for India’s financial landscape, GIFT City, the country’s first operational smart city and financial technology hub, will host the 3rd Meeting of the Deputy Chiefs of Finance and Central Banks as part of India’s G-20 Presidency. On Thursday, a state government communication mentioned that this international gathering marks the first time GIFT City has been chosen for such a prestigious event, highlighting its growing significance on the global stage.

Under the leadership of Chief Minister Bhupendra Patel, G-20 representatives, Finance Ministers, and central bank governors from around the world will convene in Gujarat. The event will feature a special session titled ‘Infrastructure Investors Dialogue at GIFT City,’ showcasing the city’s integrated infrastructure and serving as a catalyst for further investment in India’s financial sector. GIFT City, also known as Gujarat International Finance Tech City, is a sprawling multi-service Special Economic Zone that is home to India’s first International Financial Services Centre.

It has rapidly emerged as a thriving hub for financial and technology services, not only within India but also globally.

A major achievement for GIFT City was the successful transition of the Singapore Joint Exchange, SGX Nifty, from Singapore to GIFT City. SGX Nifty, which is based on India’s NSE Nifty index, represents the first cross-border initiative connecting the capital markets of India and Singapore. The move resulted in the index being renamed as GIFT Nifty and has facilitated the trading of denominated contracts worth approximately $7.5 billion directly from GIFT City. This development has greatly benefited both foreign and Indian financial institutions while bolstering India’s economy.

GIFT City’s state-of-the-art facilities and technology-driven infrastructure make it an ideal venue for hosting international financial deliberations. Within its IFSC area, the city already houses numerous national and international organizations, including 35 fintech entities, 2 international stock exchanges, 1 multilateral bank, 1 bullion exchange, 23 fintech entities, 63 international banking units, 63 fund management firms, 24 aircraft leasing and financing entities, and 64 ancillary services. With an average daily trading volume of $30.6 billion and a cumulative asset size of US $36.5 billion, GIFT City has made a significant impact on the global financial landscape.

Chief Minister Bhupendra Patel expressed his commitment to the development and success of GIFT City, emphasizing the government of Gujarat’s vision to establish the city as a globally renowned commercial area with a financial work culture on par with, or superior to, leading global financial hubs. The G-20 dialogue at GIFT City is expected to encourage dignitaries to consider shifting their financial trade activities to Gujarat, further fueling India’s remarkable growth story.

The hosting of the G-20 event in GIFT City not only highlights India’s increasing prominence in the global financial arena but also signifies the city’s ascent as a preferred destination for international finance. With its cutting-edge infrastructure, thriving financial ecosystem, and visionary leadership, GIFT City is poised to become a prominent player in shaping the future of the financial landscape in India and beyond.