The Finance Ministry informed the Lok Sabha that the number of companies operating in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has seen a remarkable rise over the past five years.
As of July 31, 2025, a total of 409 companies are operating in GIFT IFSC, compared to just 82 companies in October 2020.
Breakup of Companies in GIFT IFSC
Category No. of Companies
Banking 35
Asset Management 100
Other Financial Ecosystem* 274
Total 409
*Other financial ecosystem includes market infrastructure institutions, insurance companies, finance companies, etc.
Government Policies Driving Growth
The Finance Minister, Smt. Nirmala Sitharaman, stated that the Government of India has introduced several progressive measures to boost GIFT IFSC’s growth, including:
Establishment of the International Financial Services Centres Authority (IFSCA) as a unified regulator.
Introduction of new-age financial products and services such as aircraft leasing, ship leasing, and global in-house centres under the IFSCA Act, 2019.
Tax holiday of 10 years (out of 15 years) on business income for IFSC units under Section 80-LA of the Income Tax Act, 1961.
Delegation of Development Commissioner powers under SEZ Act, 2005 to IFSCA.
Launch of Single Window IT System (SWITS) to ease compliance and operations for IFSC entities.
Why It Matters
The rapid growth of companies in GIFT IFSC highlights India’s push to make Gujarat a global financial hub, competing with international centres like Dubai, Singapore, and London. With favourable tax benefits, regulatory support, and simplified procedures, the IFSC is fast emerging as a preferred destination for global financial players.
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