GIFT City: India's Global Gateway for NRIS

GIFT City operates under a specialised legal framework backed by an intelligent confluence of legislation including Foreign Exchange Management Act, 1999 (FEMA), the Income Tax Act, and the International Financial Services Centres Authority Act (IFSCA Act).

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A New Era in Indian Finance

India is rapidly transforming its financial landscape, and at the heart of this change lies Gujarat International Finance Tec-City (GIFT City). As India’s first operational International Financial Services Centre (IFSC), GIFT City offers a globally competitive ecosystem for Non-Resident Indians (NRIs). Designed to combine international flexibility with Indian regulatory security, it is a unique financial jurisdiction that enables seamless cross-border investments.

Why was GIFT City Created?

In the early 2000s, policymakers identified a major gap: India lacked a financial hub comparable to global centres like Dubai and Singapore. Despite being one of the largest and fastest-growing economies, India’s financial services were largely fragmented, highly regulated, and limited in global reach.

As a result, billions of dollars in international financial services—investment banking, asset management, and currency trading—were flowing out of India to foreign jurisdictions. The loss wasn’t just in capital—it was in jobs, expertise, and strategic influence.

To plug this outflow and reclaim India’s share of the global financial pie, the idea of GIFT City was conceived by the Government of Gujarat in 2007, later supported by the Central Government and by 2015, GIFT City was formally notified as India’s first IFSC under the SEZ Act. It aims to offer a globally competitive ecosystem within India that would match international standards in infrastructure, regulation, and ease of doing business.