GIFT City Climbs to 37th Globally, Strengthening India’s Emerging Financial Hub
Gujarat International Finance Tec-City (GIFT City) has made a notable jump in the latest Global Financial Centres Index (GFCI 40), rising nine places to 37th globally, compared with 46th in the previous edition. The latest ranking also places GIFT City among the top 15 financial centres in the Asia-Pacific region, making it the only Indian financial centre in that group.
The GFCI evaluates financial centres using a combination of assessments from financial-sector professionals and quantitative data. Its latest edition considered 115 financial centres, using 144 instrumental factors and 39,531 assessments from 6,147 respondents to its online questionnaire. Areas considered include financial-sector development, access to finance, talent, regulation, infrastructure, technology and the wider business environment.
GIFT City’s Growing FinTech Presence
GIFT City has also improved its position in the GFCI's FinTech ranking, moving from 29th to 26th globally. The improvement comes as the financial district continues to build an ecosystem connecting financial services with technology and innovation.
The GFCI report identifies digital infrastructure, cloud services, data connectivity and cybersecurity as increasingly important for the competitiveness of financial centres. It also highlights the growing relevance of FinTech and digital-asset businesses, stronger financial-crime prevention frameworks and deeper capital markets.
This combination of financial infrastructure and technology is central to GIFT City's development as an International Financial Services Centre (IFSC), providing a platform for international banking, capital markets, fund management, insurance, FinTech and other specialised financial services.
Expansion of International Financial Activity
The scale of activity within GIFT IFSC has continued to increase. According to the International Financial Services Centres Authority (IFSCA), the regulator had recorded 1,260 registrations and authorisations as of June 2026, while the total banking asset size had crossed $120 billion. IFSC exchanges recorded average monthly turnover of more than $105 billion during the first quarter of 2026-27.
International banking has become another important component of the ecosystem. IFSCA reported in September that GIFT IFSC had mobilised more than $52.8 billion under the RBI's FCNR(B) swap facility, while external commercial borrowings through the centre stood at $11.62 billion and bond listings by banks on IFSC exchanges reached $11.12 billion.
These figures indicate the expanding role of GIFT IFSC in facilitating cross-border financial activity and providing Indian and international institutions with a regulated platform for international transactions.
Building a Broader Financial Ecosystem
GIFT City's financial ecosystem extends beyond conventional banking. According to IFSCA's June 2026 figures, funds operating in the IFSC had raised more than $45 billion in cumulative commitments, while 454 aviation and ship assets had been leased through the centre. The authority also reported 127 TechFin and ancillary service providers.
The presence of major international and Indian financial institutions has further expanded the ecosystem. IFSCA's documentation lists institutions such as Standard Chartered, HSBC, JPMorgan, Deutsche Bank, Barclays, MUFG, DBS and other financial-sector companies among entities associated with GIFT City.
The development of specialised areas such as aircraft leasing, fund management, insurance, capital markets and technology services is intended to give GIFT City a broader role than a conventional banking centre.
Regulatory Framework Continues to Evolve
A strong regulatory framework is another important component of an international financial centre. IFSCA, which was established to regulate and develop financial services in India's IFSCs, has continued to introduce and update regulations for GIFT IFSC.
In September 2026, IFSCA notified regulations dealing with the prohibition of market abuse in securities markets, alongside amendments covering capital-market intermediaries and fund management. These developments form part of the continuing effort to establish regulatory structures specifically suited to international financial activity.
The authority's annual report has also highlighted efforts to improve regulatory clarity, expand financial services and align the GIFT IFSC framework with international financial-centre practices.
GIFT City’s Place in the Global Financial Landscape
The latest GFCI report also included GIFT City among 15 financial centres that respondents expect to become more significant over the next two to three years. This is a survey-based assessment rather than a guarantee of future performance, but it reflects the increasing international attention surrounding the centre.
For GIFT City, the next stage will involve deepening market participation, strengthening international connectivity and expanding its ability to support sophisticated cross-border financial activity. The GFCI report's emphasis on cybersecurity, digital infrastructure, financial-crime controls, FinTech and capital markets also points to areas that will remain important as financial centres compete globally.
The MGMM Outlook
GIFT City’s rise to 37th globally in the Global Financial Centres Index, along with its position among the top 15 financial centres in the Asia-Pacific region, highlights the growing scale and international relevance of India’s financial infrastructure. Its progress in FinTech, banking, capital markets, fund management, insurance, aircraft leasing and technology services shows that the ecosystem is expanding beyond traditional financial services. The increasing participation of international institutions and the growth in cross-border financial activity further demonstrate GIFT IFSC’s developing role as a platform connecting Indian and global markets.
The continued expansion of GIFT IFSC also reflects the importance of strong regulation, advanced digital infrastructure, cybersecurity and financial innovation in building a competitive international financial centre. With substantial banking assets, fund commitments, exchange activity and international financial operations already established, GIFT City is developing a broader ecosystem capable of supporting increasingly sophisticated financial services. Its rising global ranking and growing international attention provide a strong foundation for further development as India strengthens its presence in global finance.
(Sources: Business Today, NDTV, The Hindu BusinessLine)
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