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The International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has been featured among the significant emerging financial centres in the latest edition of Global Financial Centres Index 24 (GFCI), London, this month.
The GIFT IFSC has been ranked third in the list of the GFCI report which has 15 centers that are likely to become more significant in the next few years, according to a press release here on Wednesday.
GIFT also entered the main index of the GFCI and ranked 77 in the list of 100 global financial centres.
Mark Yeandle, Director of Z/Yen Partners and the author of the Global Financial Centres Index series, said “It is a great achievement for GIFT IFSC to join the GFCI so early in its development as a financial centre and is very encouraging that so many respondents see GIFT as becoming more significant in the future.”
Ajay Pandey, MD & Group CEO, GIFT City, said, in a short span of three years, GIFT IFSC has been instrumental in unleashing and enhancing the international financial services potential of the country.
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 100 centers and 10 associate centers globally. The report presents parameter for measuring the attractiveness of financial centres apart from providing an understanding into the growth and competitiveness of financial centres. The report states that while well established centers such as New York, London, Singapore, Hong Kong and Tokyo have maintained their lead, emerging centres, including GIFT IFSC, have made tremendous progress as new economic and financial centers.
GIFT IFSC is operational with nearly 12 leading Indian banks clocking foreign currency business transactions worth $ 12 billion. While IFSC’s insurance sum insured business of 14 insurance companies and insurance brokers has crossed $ 30 billion, the daily average trading volume of two International Exchanges (India INX and NSE IFSC) has crossed $ 1.5 billion.
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