New Delhi: The Parliamentary Standing Committee on Finance has recommended that the government explore the establishment of satellite financial innovation zones or fintech clusters in other major cities, while prioritizing the International Financial Services Centre (IFSC) at GIFT City in Gujarat as the central hub.

In a report tabled in the Lok Sabha on Monday, the panel, chaired by senior BJP leader Bhartruhari Mahtab, pointed to the rising need for specialized financial services and suggested the development of region-specific models for additional IFSCs.

These new models could be inspired by the success of GIFT City, helping to deepen India’s integration with the global financial services sector and support its journey towards becoming a developed nation (Viksit Bharat).

The committee noted that while India currently has only one IFSC, China operates 10, and other BRICS nations also maintain multiple financial hubs. Expanding the number of such centres, it said, would encourage inclusive growth, help build skilled talent pools, and attract a broader spectrum of investors.

The report also highlighted GIFT City’s progress in global rankings, improving from 52nd to 46th among 119 financial centres in the Global Financial Centres Index. DeshGujarat