New Delhi: Country's Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has been ranked tenth in the latest edition of Global Financial Centres Index 22 (GFCI)-London.
Produced bi-annually by the China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London, a leading commercial think-tank, the GFCI report covers around 92 centres and 16 associate centres globally.
"GIFT IFSC is ranked tenth ahead of Luxembourg, Seoul, Abu Dhabi, Toronto and Beijing in the list of the GFCI report which has 15 centres that are likely to become more significant in the next few years," the report said. It presents parameter for measuring the attractiveness of financial centres apart from providing a strategic understanding into the growth and competitiveness of financial centres.
GIFT IFSC has made tremendous progress, according to the GFCI report. Six of the top ten emerging centres are in Asia. Ajay Pandey, Managing Director and Group CEO, GIFT City, said, "The recognition of GIFT IFSC as one of the most significant emerging financial centres by GFCI, London is the testimony of the contribution GIFT IFSC is making in the international financial services business."
GIFT IFSC is operational with approximately 10 leading banks, 8 insurance companies and participating brokers, and 2 International Exchanges (India INX and NSE IFSC) along with around 100 capital market players having established their base at GIFT IFSC.
GIFT, a Gujarat government project in partnership with IL&FS is developing India's first global financial hub. Gujarat International Finance Tec-City (GIFT) is India's first multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India's large financial services market by offering global firms, world-class infrastructure and facilities.(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI)