Sitharaman highlighted GIFT City’s strategic positioning as the gateway for financial and investment activities.

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in an address on January 11 at the seminar ‘GIFT City – An Aspiration of Modern India’, organized as part of the 10th Vibrant Gujarat Global Summit 2024, emphasized the crucial role that Gujarat International Finance Tec-City (GIFT City) is poised to play in India’s journey towards becoming a developed nation by 2047.

Sitharaman highlighted GIFT City’s strategic positioning as the gateway for financial and investment activities.

Speaking about green technology, Sitharaman suggested that GIFT City could serve as a platform for green credits, emphasizing sustainability in its financial operations. Additionally, she urged GIFT City to establish a diverse fintech laboratory to contribute to India’s ambitious target of achieving a $30-trillion economy by 2047.

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Providing an overview of GIFT City, Sitharaman noted the growing presence of operations at International Financial Services Centres (IFSC), including three exchanges, 25 banks (nine foreign banks), 26 aircraft lessors, 80 fund managers, 50 professional service providers, and 40 fintech entities.

Describing GIFT City as a fusion of technology and finance, Sitharaman emphasized the need to leverage technology in financial services.

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