1 week ago
Gujarat CM Pitches GIFT City as Global Capital Gateway
Gujarat Chief Minister Bhupendra Patel told international development officials about GIFT City in Washington.
He said GIFT City could help money from around the world reach businesses and projects in India.
The city includes banks, financial companies, technology businesses and other organizations.
Officials said it already has more than 1,200 registered entities.
They also said its banks hold more than $111 billion in assets and its exchanges handle large amounts of trading.
World Bank officials said the city needs good schools, healthcare, housing and other services to attract workers.
They also questioned whether its financial incentives can remain useful over time.
Other participants discussed ways to support infrastructure, investment and technology, including artificial intelligence.
Patel invited the participants to visit GIFT City and attend the Vibrant Gujarat Global Summit 2027.
Chief Minister Bhupendra Patel presented GIFT City as a gateway for international capital entering India at a World Bank roundtable in Washington.
GIFT City has more than 1,200 International Financial Services Centres Authority-registered entities, with bank assets exceeding $111 billion as of March 2026.
Its international stock exchanges record monthly turnover of more than $130 billion, according to GIFT City Managing Director Sanjay Kaul.
World Bank and IMF officials welcomed GIFT City’s progress but highlighted the importance of sustainable incentives, global talent and social infrastructure.
Participants discussed cooperation on blended finance, guarantees, credit enhancement, sustainable urban infrastructure and artificial intelligence opportunities.
- Who
- Gujarat Chief Minister Bhupendra Patel, Gujarat officials and representatives of the World Bank, International Finance Corporation, Multilateral Investment Guarantee Agency and International Monetary Fund.
- What
- A World Bank roundtable discussed GIFT City’s progress and its potential role as a gateway for international capital, financial services, technology and investment in India.
- Where
- The meeting was held in the World Bank’s Shihata conference room in Washington. GIFT City is located between Ahmedabad and Gandhinagar, Gujarat.
- When
- Wednesday local time; the article reports bank assets as of March 2026 and mentions the Vibrant Gujarat Global Summit 2027.
- Why
- Gujarat sought global institutional participation and cooperation to deepen GIFT City’s markets, attract international capital and support infrastructure and high-technology growth.
GIFT City’s Growth Case
Questions About Long-Term Sustainability
Role of incentives
GIFT City’s Growth Case
Gujarat officials and GIFT City representatives emphasized its expanding ecosystem, regulation, technology, talent and ease of doing business as foundations for future growth.
Questions About Long-Term Sustainability
World Bank Vice-President Johannes Zutt questioned the sustainability of GIFT City’s incentives and whether the centre can attract enough global talent.
Urban infrastructure
GIFT City’s Growth Case
The Gujarat delegation said GIFT City is expanding social infrastructure and highlighted green buildings, district cooling, near-zero liquid discharge and automated waste management.
Questions About Long-Term Sustainability
World Bank officials said schools, healthcare, housing and other liveability features are essential for attracting professionals and maintaining competitiveness.
International capital outlook
GIFT City’s Growth Case
International Finance Corporation and MIGA representatives described GIFT City as an emerging channel for global capital and discussed investment and guarantee opportunities.
Questions About Long-Term Sustainability
World Bank Chief Economist Indermit Gill and IMF Director Krishna Srinivasan pointed to slower emerging-market growth, weaker foreign investment flows and difficult trade conditions as challenges requiring deeper reforms and cooperation.
Key facts
- GIFT City entities
- More than 1,200 entities are registered with the International Financial Services Centres Authority.
- Bank assets
- Banks in GIFT City held more than $111 billion in assets as of March 2026.
- Exchange turnover
- GIFT City’s international stock exchanges record monthly turnover exceeding $130 billion.
- IFC investment
- The International Finance Corporation has invested close to $400 million through multiple funds using GIFT City.
- Investment sectors
- Opportunities discussed included banking, fund management, insurance, aircraft leasing, fintech, capital markets and global capability centres.
- Requested cooperation
- Gujarat sought support on blended finance, guarantees, credit enhancement and sustainable urban infrastructure.
- Future invitation
- Bhupendra Patel invited participants to visit GIFT City and attend the Vibrant Gujarat Global Summit 2027.
Quotes
Junaid Kamal Ahmad
MIGA Vice‑President for Operations
““You make India for the world. GIFT City will explode, India’s market lies in the globe, not inside India.””
thehansindia.com
““GIFT City will continue to be a major gateway for channelising that capital for the World Bank Group.””
thehansindia.com
Hemang Jani
World Bank Executive Director representing India, Bangladesh, Bhutan and Sri Lanka
““The conversation reflected on Hon’ble PM Narendra Modi’s original vision for GIFT City not just as India’s first International Financial Services Centre, but as a genuine gateway connecting India’s capital markets to the world.””
thehansindia.com
Sources
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