Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached $508 billion till July 2023, an official said on Tuesday.

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GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC stood at $41.20 billion, and cumulative derivative transactions booked by banks were worth $632 billion.

There were a total of over 545 IFSCA registered entities at GIFT IFSC till July 2023, including 25 aircraft and shipping entities, and monthly turnover on the IFSC international stock exchange in July 2023 was $60.33 billion. Total commitments made to alternative investment funds till July 2023 was at $17.8 billion, he said.

Shah said that as of date, over 5,000 employees worked at GIFT IFSC zone, and a proposal was received from a single company interested to employ 5,000 people in its GIFT IFSC unit.

"These are the types of proposals we are discussing in terms of financial centre growth in coming years," he said, while sharing a presentation before the representatives of the PHD Chamber of Commerce and Industry who were here to explore the possibility of setting up business in the GIFT City.

As per IFSCA annual report 2022-23, as on March 31, 2023, a total of 20 IFSC Banking Units were operational at GIFT IFSC. Two more IBUs, which received licences before March 31, 2023, are expected to commence operations during FY 2023‐24.

GIFT IFSC aspires to become India’s gateway for inbound and outbound requirements of international financial services. The government of India operationalised IFSC at GIFT Multi Services SEZ in April 2015, and the Union Budget 2016 provided it with a competitive tax regime.

"Today you will realise that even if you are a manufacturing company, it is still possible for you to be present in GIFT City to set up your global treasury operations," said Sandip Shah, Head, IFSC Department, GIFT City.

He said the GIFT City is being expanded to another 3000 acres, and the state government made an announcement to this effect in November last year.

"Probably the entire master planning of this 3000 acres will also be done on the lines of GIFT City and work has already begun and the first draft plan would be submitted by the end of this calendar year," he said.

Executive Director of PHD Chamber of Commerce and Industry, Ranjeet Mehta said that a total 150 representatives of the chamber from across the country were at GIFT City to explore collaboration.

"There are around 150 representatives of PHD Chamber from financial services, traditional industries, fintech and manufacturing — people from all sectors have come here as they have curiosity as to what GIFT City is offering to them," he said.

He said the chamber will sign an MoU with the GIFT City on how to create awareness and collaboration with 150,000 companies associated with PHD Chamber and how they can take an advance of what the GIFT City has to offer.