GIFT City registers 1,034 entities, rises to 43rd in 2025 global rankings: Economic Survey

Recognising the importance of human capital in financial sector development, the survey noted that global academic institutions have established a presence at GIFT IFSC.

• As of November 2025, IFSC banking units managed assets exceeding $100 billion
• India International Bullion Exchange also strengthened bullion trading infrastructure within the IFSC
• The Economic Survey was tabled in Parliament on January 29

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GIFT City has recorded strong growth momentum, with over 1,034 domestic and international entities registered as of November 30, 2025, according to the Economic Survey. The Survey, that was tabled in Parliament on January 29, highlighted that India’s first International Financial Services Centre (IFSC) climbed nine places in the Global Financial Centres Index (GFCI) to rank 43 out of 120 global financial centres, while its fintech ranking improved by ten positions over the past year.

The Economic Survey attributed this rise to a dedicated regulatory framework for fintechs, stronger academic partnerships, and the development of innovation-focused financial infrastructure at the IFSC located in Gandhinagar, Gujarat.

The Survey also highlighted strong growth across financial segments at GIFT City. As of November 2025, IFSC banking units managed assets exceeding $100 billion, while capital market activity included high-volume derivatives trading and significant debt listings, including ESG-linked securities. Specialised financial services such as aircraft and ship leasing have expanded, addressing India’s dependence on foreign lessors. The India International Bullion Exchange, operational since July 2022, has also strengthened bullion trading infrastructure within the IFSC.

Recognising the importance of human capital in financial sector development, the survey noted that global academic institutions have established a presence at GIFT IFSC. This includes two Australian universities that have set up operational international branch campuses offering postgraduate programmes in fintech, cybersecurity, business analytics, and computing. In addition, two universities from the United Kingdom have received in-principle approvals to establish similar campuses.

The Economic Survey also pointed to two significant developments in 2025. In June, Sri Lanka’s DFCC Bank listed green bonds worth LKR 2.5 billion on the NSE International Exchange, marking the first foreign corporate bond listing at a GIFT IFSC exchange and signalling the centre’s emergence as a regional capital-raising hub. In October, the Foreign Currency Settlement System (FCSS) was launched, enabling real-time or near real-time settlement of foreign-currency transactions between IFSC banking units without routing them through overseas correspondent banks.

By reducing settlement times, enhancing transaction security, and lowering costs, the document noted that the FCSS is expected to support innovation in cross-border payments.

IFSCA was established in April 2020. As the unified regulator for IFSCs, IFSCA oversees financial products, services, and institutions within GIFT City.

Before GIFT City became operational, Indian firms commonly raised capital and managed offshore investments through jurisdictions such as Singapore, Mauritius, and the Cayman Islands, drawn by more favourable tax and regulatory regimes. The IFSC model seeks to onshore these financial activities by attracting overseas financial institutions and the foreign branches of Indian banks to operate from India, thereby generating high-value employment, mobilising global capital, and reducing dependence on offshore financial centres.