The city should also aim to build diverse fintech laboratories to achieve the target of India’s economy becoming USD 30 trillion by 2047: Union Finance Minister
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Gandhinagar (Gujarat)
On Wednesday, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar. The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organizations.
This year, GIFT City, which has expanded into a major international financial hub in India, has attracted a host of global investors. Many of them have made a beeline to mark their presence and to take the first movers’ advantage.
GIFT City is billed as a world-class business district envisaged and built to cater to global and domestic business enterprises. It aims to set an international benchmark for finance and technology hubs worldwide.
During the ongoing Vibrant Gujarat Global Summit, the Abu Dhabi Investment Authority decided to set up a one-of-a-kind sovereign fund in GIFT City.
The GIFT City is ideally poised to be the gateway for the financial and investment hub and has an important role to play in fulfilling the vision for India to become a developed nation by 2047, said Union Finance Minister Nirmala Sitharaman.
Addressing a seminar ‘GIFT City-An Aspiration of Modern India’, organized as part of the 10th Vibrant Gujarat Global Summit 2024, in Gandhinagar on Thursday said GIFT City should look at being a platform for green credits. It should also aim to build diverse fintech laboratories to achieve the target of India’s economy becoming USD 30 trillion by 2047, the Union Finance Minister added.
PM Modi conceptualized 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.
Listing out the growing presence of operations at International Financial Services Centers (IFSC), Sitharaman said there are now three exchanges, including the 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 a manufacturing hub for shipping and eight ship leasing entities are 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, Sitharaman added.
APEX Group, one of the leading fund administrators, decided to set up their office in GIFT City as a fund administrator and fund accounting service provider. APEX Group would employ around 1,000 people over 3 years. Mizuho Bank becomes the second Japanese Bank to set up IFSC Banking Unit in GIFT IFSC. Deakin University inaugurated its campus in GIFT City, which is India’s first campus of a foreign-based university.
Chancellor and Vice Chancellor of Deakin University, Iain Martin inaugurated the campus. Prime Minister Narendra also held a one-on-one meeting with Deakin University VC.
Stonex Group intends to set up a bullion trading desk in GIFT City IFSC. As part of the Vibrant Gujarat Global Summit 2024, Prime Minister Narendra Modi participated in the Global Fintech Leadership Forum held at GIFT City on Wednesday, the first day of the summit.
The forum saw the participation of the chairman and CEOs of 26 prominent fintech companies worldwide, including Mukesh Ambani, Sanjay Mehrotra, and Lakshmi Mittal. The Prime Minister received recommendations from leaders of fintech companies to elevate GIFT City to an international standard and position India as a leading fintech country. PM Modi attentively listened to all the industrialists for nearly three hours.
Addressing the gathering, Prime Minister Narendra Modi highlighted the significance of bringing together top industrialists in finance and technology to explore innovative solutions for the digital economy.
The Prime Minister said that it is interesting to see how fintech will have a transformative impact on the world, and extended an invitation to industrialists to invest in GIFT City, aligning with the vision of making India a global leader in the financial sector.
Hasmukh Adhia, Chief Advisor to the Chief Minister of Gujarat, Bhupendra Patel and Chairman of GIFT City, provided insights into the purpose behind organizing the Global FinTech Leadership Forum. The forum was moderated by renowned businessman Uday Kotak.
