Gandhinagar: Strengthening its position as an emerging global financial center, the Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC) has found a place among top 10 such centers in the latest Global Financial Centres Index 22 (GFCI).

GIFT IFSC is ranked tenth ahead of Luxembourg, Seoul, Abu Dhabi, Toronto and Beijing in the list of the GFCI report which has 15 centers that are likely to become more significant in the next few years.

Produced bi-annually by The China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London a leading commercial think-tank, the GFCI report covers around 92 centers and 16 associate centers globally. The report presents parameter for measuring the attractiveness of financial centres apart from providing a strategic understanding into the growth and competitiveness of financial centres. The report states that while well established centers such as New York, London, Singapore, Hong Kong and Tokyo have maintained their lead, emerging centers namely GIFT IFSC have made tremendous progress as new economy and Financial Center. It is not surprising that six of the top ten emerging centres are in Asia, which includes GIFT IFSC.

Speaking on this achievement, Mr. Ajay Pandey, MD & Group CEO, GIFT City, said, “The recognition of GIFT IFSC as one of the most significant emerging financial centres by GFCI, London is the testimony of the contribution GIFT IFSC is making in the International Financial Services business. In a short span of two years, GIFT has been instrumental in unleashing and enhancing the international financial services potential of the country. We believe the recognition is due to the tremendous support and direction provided by Govt. of India through Minsitry of Finance, Ministry of Commerce & by all regulators namely RBI, SEBI & IRDA. We at GIFT feel great pride to be featured in the same league as New York and Hong Kong. “

GIFT IFSC is operational with approximately 10 leading banks, 8 insurance companies and participating brokers, and 2 International Exchanges (India INX and NSE IFSC) along with around 100 capital market players having established their base at GIFT IFSC.

DeshGujarat