Economic Survey: GIFT IFSC an emerging city for fintech innovation in India

The International Financial Services Centre Authority, set up at Gandhinagar in Gujarat, is playing an important role in driving innovation and technology adoption in the world of financial services, as per the Economic Survey 2024-25.

“As of September 2024, 60 entities had registered as FinTechs or TechFins in GIFT-IFSC, reflecting the region’s dynamic FinTech landscape,” the report, tabled by finance minister Nirmala Sitharaman on Friday, said.

Also, IFSCA has conducted 13 hackathons and received 152 applications from 14 jurisdictions under its FinTech Entity framework, it added.


The business district, which is promoted as a premier financial services area in the country, has jumped four places to rank 45 in the Fintech rankings in the Global Financial Centres Index 36, the report highlighted.

It has grown its financial heft with multiple global and domestic lenders opening their branches there to support transactions happening via the city. The total size of assets held by these banking units crossed $70 billion and the total credit exposure stood at $51 billion, according to the Survey.

Multiple asset managers, crossborder payment startups, fintechs serving global financial entities and banks have already opened or are in the process of opening their business centres in Gift city. Given the region offers benefits like unlimited currency convertibility, many large financial services companies, both within India and outside, are setting up operations here, the Survey said.