GIFT City Approvals Surge Ten-Fold to Hit 1,193 Units in Five Years
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
The International Financial Services Centres Authority (IFSCA) has granted 1,193 registrations as of March 31, 2026, marking a ten-fold increase from the 110 entities registered five years ago.
Finance Ministry data reveals that Gujarat International Finance Tec-City (GIFT IFSC) has seen rapid expansion across banking, fund management, and insurance verticals. As of March 31, 2026, the centre hosts 652 active operational entities, including 487 domestic firms and 165 foreign operations.
According to data presented by Ministry of Finance, the sector-wise trajectory reflects rapid overall growth across all key financial services verticals:
Category | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
Banking Units | 15 | 19 | 22 | 27 | 29 | 37 |
Fund Management Entities | 0 | 45 | 65 | 104 | 162 | 217 |
Insurance Entities | 18 | 19 | 22 | 34 | 45 | 70 |
Other Financial Services Entities | 77 | 172 | 274 | 428 | 636 | 869 |
Total | 110 | 255 | 383 | 593 | 872 | 1,193 |
Note: Other Financial Services entities includes Market Infrastructure Institutions, Fintech Companies, Finance Companies etc.
Fund Managers Lead Vertical Growth
Fund management entities experienced the sharpest rise in approvals. Starting from zero registered entities in March 2021, the vertical grew to 45 by March 2022, reached 104 in March 2024, and scaled up to 217 by March 2026.
Banking units based at the centre rose from 15 in March 2021 to 37 by March 2026. Insurance entities also expanded their footprint, increasing from 18 to 70 registrations over the same five-year period.
Broad Base of Support Services
The category comprising ancillary financial service providers—including fintech outfits, market infrastructure institutions, and finance companies—expanded from 77 registrations in March 2021 to 869 by March 2026.
Statutory Push Behind the Surge
Government officials attribute the operational growth to targeted regulatory and fiscal adjustments designed to enhance ease of doing business.
Key measures driving the onboarding of firms include establishing IFSCA as a single unified regulator, introducing frameworks for aircraft and maritime vessel leasing, delegating Special Economic Zone powers directly to the regulator, and launching the Single Window IT System (SWITS) for streamlined approvals.
