GIFT City

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Gujarat International Finance Tec-City, also called GIFT City, is India's first International Financial Services Centre and a greenfield smart city on the banks of the Sabarmati River in Gujarat's Gandhinagar district. In 2020, GIFT IFSC ranked 10th in the Global Financial Centres Index. In 2025, it was ranked 40th in fintech and 46th overall in the Global Financial Centres Index, which included 119 financial centres. GIFT City is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport. It includes commercial, financial and residential complexes, and is designed to be a walkable city. It is connected through 4–6 lane state and national highways, and the GIFT City metro station links it to the Ahmedabad Metro network. The total development area is 359 hectares (886 acres), of which the special economic zone (SEZ) constitutes 106 hectares (261 acres). In July 2025, Sanjay Kaul was appointed managing director and Group CEO. Several multinational banks, including JP Morgan, Standard Chartered, Deutsche Bank, Citibank, HSBC. Barclays Bank, Bank of America, DFCC Bank, and Qatar National Bank have set up offices at the IFSC. In addition, the city hosts 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, and India's first international bullion exchange with 75 jewellers. Two Australian universities have also established a presence in the city as of November 2023. The city's name signifies the government's intention to promote it as a global financial and business services hub. The city has fallen short of its promises: against projected 10 lakh jobs, only about 9,000 by mid-2019, with just 3 out of the 62 million square feet built. The government blamed the financial crisis, the absence of regulators until 2014, and IL&FS's financial difficulties. Even by late 2023, the city remained sparse after business hours, prompting Singapore's...