India is quietly constructing its next global financial powerhouse—GIFT City, nestled between Ahmedabad and Gandhinagar. This special economic and financial zone is at the heart of a rising economic triangle connecting Mumbai, Pune, and GIFT City, a corridor projected to generate over 40% of India’s GDP in the coming years.
The article presents a timely, data-driven exploration of how GIFT City is fast becoming India’s answer to global financial centers like Singapore, Dubai, and London. With banking assets crossing $88 billion (a 47% YoY growth), retail deposits up 91%, and Alternative Investment Funds (AIFs) managing over $6.5 billion, GIFT City is no longer a futuristic dream—it is already delivering measurable impact.
It also highlights:
- 100% income tax exemption for 10 years
- Zero capital gains tax
- Dual currency operations and 24×7 trading
- Presence of 31+ global banks, 2 international exchanges, and over 140 AIFs
Yet, the article does not shy away from challenges—ranging from global branding gaps to infrastructure limitations. It offers constructive policy insights, including the need for direct international connectivity, stronger institutional representation, and expansion of advanced financial products to cement GIFT City’s global appeal.
Framed within the broader narrative of shifting global financial power and India’s rising economic clout, this piece makes the case that GIFT City is more than just an IFSC—it’s a strategic bet on the future of financial globalization, with India at the center.
This article is well-suited for business features, editorial pages, or economic opinion sections—backed by rich data, policy depth, and a forward-looking vision for India’s global financial ambitions.
Disclaimer: Disclaimer:
The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of any affiliated institutions, regulators, or organizations. The analysis is based on publicly available data and the author’s independent interpretation intended for academic and public discourse.
About the Authors:
Saurabh Maheshwari
Policy Research Professional | Capital Markets Specialist | Ph.D. Scholar in Financial Market Surveillance
Saurabh Maheshwari is a finance and policy research professional with 10+ years of experience in regulatory research, policy research, market research, research on global best practices in the Capital Market. He has worked extensively under the DEA-AJNIFM Research Programme (Policy Research Cell), Department of Economic Affairs, Ministry of Finance, Government of India contributing to over 20 flagship policy assignments in areas like market surveillance, market governance, investor protection & participation, Single Demat Account, Derivatives, Algorithmic Trading, Mutual Funds, and Cybersecurity. He recently served as Manager – Research & Product Development at NSE IFSC Limited, GIFT City, Gandhinagar, Gujarat supporting India’s international financial services agenda. A Ph.D. scholar at IIFT, his doctoral work introduces a Market Surveillance and Investigation Index (MSII) to assess surveillance, investigation, regulatory, enforcement and investor protection performance in Indian capital markets. Saurabh has published in top finance journals such as Review of Behavioural Finance (ABDC ‘B ranked’ and Scopus Indexed), FIIB Business Review (ABDC ‘C ranked’ and Scopus Index), and Finance India (ABDC’ C ranked’ and Scopus Indexed) and presented research at institutions like Reserve Bank of India, IIM Ahmedabad, IIM Jammu. One of his research papers was awarded Best Paper at an international conference organized by IIT Delhi.
Tarun Krishnani
Global Finance Leader and the Founder & CEO of Ramana Capital
Tarun Kishnani is a global finance leader and the Founder & CEO of Ramana Capital, a boutique strategic advisory firm helping institutions, family offices, and fintech startups scale with speed, precision, and purpose. With a proven track record of raising over $1.5 billion globally, Tarun has cemented his role as a growth catalyst for the financial services ecosystem.
He has personally curated and built a proprietary investor network of over 1,500 active LPs, HNIs, and family offices across North America, Europe, Asia, and the Middle East. His work bridges continents — having lived and worked in four financial powerhouses: New York, Hong Kong, Mumbai, and Miami, where he has led complex capital mandates, advised CEOs, and opened markets for high-growth companies.
Tarun has been honored with several prestigious recognitions, including:
- Young Business Leader of the Year (2025) – Business Frontier Leadership Awards, Dubai
- Financial Leadership Award (2025) – FLUXX Awards, Hong Kong
- Global Excellence in Strategic Financial Leadership – Nominated by the London Organisation of Skills Development (LOSD) for a ceremony at the UK Parliament, London, July 2025.
He is an advisor, investor, and mentor to a new generation of fintech and financial services ventures, driving innovation in digital assets, embedded finance, and cross-border infrastructure.
Tarun also contributes regularly to thought leadership in global financial markets, publishing insights on capital markets, macro trends, and technology-led transformation. His voice is trusted across boardrooms, investor summits, and policy circles alike.
