It is coming of age for the ambitious project of Gujarat International Finance Tec-City (GIFT) — International Financial Services Centre (IFSC), conceptualised by Prime Minister Narendra Modi, as it finds place in the top 15 emerging Global Financial Centres.

India's first IFSC has been featured at the tenth place in the latest September 2017 edition of Global Financial Centres Index 22 (GFCI) — London. The Gandhinagar-based IFSC has ranked ahead of several leading financial hubs at Luxembourg, Seoul, Abu Dhabi, Toronto and Beijing.

GIFT has been put in the same leagues as other top financial centres at New York and Hong Kong. GFCI report has listed 15 centres that are likely to become more significant in the next few years.

Produced bi-annually by The China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London, a leading commercial think tank, the GFCI report covers around 92 centres and 16 associate centres globally.

The report states that while well-established centres such as New York, London, Singapore, Hong Kong and Tokyo have maintained their lead, emerging centres such as GIFT IFSC have made tremendous progress. The report presents the parameter for measuring the attractiveness of financial centres.

Six of the top ten emerging centres are in Asia, including GIFT IFSC.

Govt thanked Ajay Pandey, MD & Group CEO, GIFT City, said, “In a short span of two years, GIFT has been instrumental in unleashing and enhancing the international financial services potential of the country. We believe the recognition is due to the tremendous support and direction provided by the government and its various agencies and regulators.”

GIFT IFSC is operational with approximately 10 leading banks, eight insurance companies and participating brokers, and two international exchanges, along with around 100 capital market players having their base at GIFT IFSC.

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