Nirmala Sitharaman Calls For Fast-Tracked Reforms At Gujarat GIFT-IFSC

Sitharaman also stressed on the need for swift reforms in policy, regulation, and institutional frameworks to align GIFT-IFSC with the national vision of ‘Viksit Bharat @2047’. Urging officials and regulators to proactively take steps to make IFSC more competitive and cost-effective, thereby enhancing its appeal to High-Net-Worth Individuals (HNIs) and sovereign wealth funds across the global.

The meeting was attended by secretaries from the Union Ministries of Finance and Commerce, as well as officials from the RBI, SEBI, IRDAI, and IFSCA. The Finance Minister appreciated GIFT IFSC’s role in shaping India’s financial investment framework and strengthening the country’s global financial standing. She also noted that India’s technological prowess and vast domestic market could be leveraged in global competition.

Expansion Of Bullion Exchange Operations

Given that India is a major gold-importing country, Sitharaman underlined the need to expand the scope of the India International Bullion Exchange (IIBX), which is housed within GIFT IFSC. She also stressed the importance of increasing stakeholder participation and enhancing price discovery mechanisms.

Roundtable With Industry Leaders

The Finance Minister also held a roundtable discussion with representatives from 21 leading institutions operating within IFSC. Participants included CEOs, MDs, CFOs, and founders from sectors such as banking, insurance, capital markets, asset management, ship and aircraft leasing, FinTech, and foreign universities. During the interaction, she remarked, “Without world-class infrastructure and a future-ready talent pool, the full potential development of GIFT City cannot be achieved.”