Mumbai, February 13, 2025 – Dr. Dipesh Shah, Executive Director (Development) at the International Financial Services Centres Authority (IFSCA), addressed the IVCA Conclave 2025, sharing insights into the remarkable growth of the IFSCA and GIFT City’s emergence as a global financial hub. Speaking on Day 2 of the Conclave at the Trident Hotel, Nariman Point, Mumbai, Dr. Shah discussed how IFSCA is transforming India’s financial services landscape and positioning GIFT City as a key player in global capital flows.
“It is important to understand the significance of what IFSCA is achieving in India. Indian financial professionals have long contributed to the growth of financial centers in Dubai, Singapore, and Mauritius. Now, with the talent availability in India, GIFT IFSC is poised to become the dominant gateway for channeling global capital for Viksit Bharat @2047. We are developing expertise in specialized sectors such as aircraft and ship leasing, fintech, global treasury centers, commodities trading, and more,” Dr. Shah stated.
Highlighting IFSCA’s rapid expansion, Dr. Shah noted its remarkable growth in recent years. “In the last five years, we have expanded from 120 firms to over 750, with most new entrants coming from the fund and banking ecosystem. Many Indian fund managers are now setting up large-scale funds and practices in IFSC, leveraging the regulatory and business advantages. On the capital markets front, we have facilitated debt listings exceeding $64 billion. In fintech, 44 firms from 18 countries have established their innovation hubs in GIFT City. The insurance sector has also grown significantly, from 16 firms to 41, including several global market players,” he added.
Dr. Shah’s address reinforced IFSCA’s commitment to fostering a world-class financial ecosystem in India, attracting global investors, and creating new avenues for financial innovation. The session underscored how GIFT City is rapidly evolving into a preferred jurisdiction for capital markets, fintech, and financial services, driving India’s ambition to be a global financial powerhouse.