The idea of an Indian financial hub to rival Singapore or Dubai was floated in 2007, and construction at Gandhinagar began soon after. But GIFT City only took off after 2015, when it was designated India's first International Financial Services Centre (IFSC) and, in 2020, got a dedicated unified regulator.
GIFT City · IFSC
GIFT City · IFSC
GIFT City — Gujarat International Finance Tec-City in Gandhinagar — is India's first operational International Financial Services Centre (IFSC). It lets banks, funds and insurers do global, foreign-currency business on Indian soil under a single regulator. The counter shows IFSC banking assets climbing from about $14 billion (2020) to roughly $106 billion (2025).
$106 bn
IFSC banking assets (2025)
1,000+
Registered entities
37
Banks (about 20 foreign)
IFSC banking assets
| Year | IFSC banking assets |
|---|---|
| 2020 | 14 $ bn |
| 2021 | 25 $ bn |
| 2022 | 40 $ bn |
| 2023 | 60 $ bn |
| 2024 | 85 $ bn |
| 2025 | 106 $ bn |
2020
0$ bn
IFSC banking assets
20202025
Since 2020
Added
+92 $ bn
2020
14 $ bn
2025
106 $ bn
Why it matters For decades, Indian firms raised dollars and traded derivatives in Singapore, Dubai or London. GIFT City aims to bring that business home — with tax incentives, a unified regulator and global-standard rules — creating high-value finance jobs and deepening India's capital markets.
- GIFT-IFSC is regulated by a single unified regulator, the IFSCA, set up in 2020.
- Over 1,000 entities operate there, including 37 banks (about 20 foreign).
- IFSC banking assets grew from ~$14 billion (2020) to ~$106 billion (2025).
- The India International Bullion Exchange (IIBX), India's first, opened at GIFT City in 2022.
History
Notable milestone
In 2020 the International Financial Services Centres Authority (IFSCA) was set up as a single regulator replacing the RBI, SEBI and others inside the zone — a first for India. GIFT City now hosts over 1,000 entities, including 37 banks, and in 2022 opened the India International Bullion Exchange (IIBX), the country's first.
How it works
GIFT-IFSC is treated as a foreign jurisdiction for exchange-control purposes: business is done in foreign currency (mainly US dollars), with tax holidays and lighter rules. That lets Indian and global firms run banking, fund management, insurance, aircraft and ship leasing, and bullion trading that used to be booked offshore.
Outlook
The numbers have grown fast: IFSC banking assets rose from about $14 billion in 2020 to roughly $106 billion by 2025, and hundreds of funds now manage tens of billions of dollars from GIFT. Aircraft leasing — long done from Ireland — is being pulled onshore too.
The road ahead
To truly rival Singapore, GIFT City needs deep liquidity, global talent and a track record regulators worldwide trust — which takes years to build. Making it a living city, not just an office park, and keeping the tax and rule advantages stable, will decide whether the momentum holds.
By the numbers
$106 bn IFSC banking assets (2025), up from $14 bn (2020). 1,000+ registered entities. 37 banks (~20 foreign). IIBX — India's first bullion exchange (2022). IFSCA — the unified regulator (2020). Sources: IFSCA, GIFT City, PIB.
Source: IFSCA / GIFT City — IFSC banking assets, 2020→2025.