The Chief Minister of Gujarat, Bhupendra Patel, emphasised that GIFT City is a strategic asset in promoting Prime Minister Narendra Modi’s vision for a globally competitive financial sector in India. During his address on August 11, 2026, he noted that GIFT City serves as the country’s only International Financial Services Centre (IFSCA) and Bullion Exchange, contributing significantly to India’s ambition to emerge as the world’s third-largest economy.

Patel pointed out that GIFT City, characterised as India’s first financial technology city, is reshaping the country’s identity on the international stage. The infrastructure and facilities available in GIFT City are reportedly attracting various sectors, including banking, insurance, asset management, fintech, and leasing services, which are crucial to advancements in India’s financial landscape.

The Chief Minister made these remarks at the inauguration of the Global Connect event, organised in collaboration with HSBC and NDTV, which took place in GIFT City. He remarked on the transformation of the region, previously known for its agricultural landscape and the Sabarmati River, into a hub for world-class financial institutions.

Budget Incentives and Investment Opportunities

During his speech, Patel highlighted the recent Union Budget, which he stated provides special incentives for businesses operating in GIFT City. The tax holiday for industries in the city has been extended from 10 years to 20 years, a move which is expected to enhance investor confidence significantly.

Furthermore, he indicated that the Budget prioritises various sectors, including infrastructure development, advanced technologies, semiconductors, data centres, and artificial intelligence (AI). This allocation is indicative of the government’s commitment to fostering economic growth and attracting investment in critical areas.

This year, the Gujarat Government has earmarked approximately 39 per cent of its total budget for capital expenditure, reflecting a strong focus on developmental projects. Patel also mentioned that AI technology is progressively influencing diverse sectors such as banking, risk management, and wealth management, signalling a broad transformation in financial operations.

GIFT City’s Future in Sustainable Finance

Patel expressed confidence in GIFT City’s further potential, particularly in the realms of green bonds, sustainable finance, climate finance, and investments in renewable energy. He noted that these areas are aligned with Prime Minister Modi’s vision of ‘Green Growth’, aimed at combating climate change and promoting sustainability.

The Chief Minister highlighted the establishment of the ‘AI Centre of Excellence’ at GIFT City, which he described as a vital platform for fostering innovation. This centre aims to bring together experts, businesses, and startups to collaborate on developing advanced solutions that can benefit various sectors.

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