India's first International Financial Services Centre (IFSC) Gujarat International Finance Tec-City popularly known as GIFT City achieved a major milestone as the total business transactions by the operational units here crossed a landmark of US $ 1 billion.
Prime Minister Narendra Modi conceptualized and launched the GIFT project when he was Gujarat Chief Minister. In order to develop and implement the project, Gujarat Government through its undertaking Gujarat Urban Development Company limited (GUDCl) and Infrastructure leasing & Financial Services limited (Il&FS) have established a 50:50 joint venture company, "Gujarat International Finance Tec-City Company limited" (GIFTCl).
On the auspicious day of Dhan Teras, New India Assurance Co. ltd began its operation from country's first IFSC. To mark the occasion, Ajay Pandey, Group CEO and Managing Director of GIFT city said that GIFT already crossed the US$ 1 billion mark and with the arrival of New India Assurance it would host the international transactions from the insurance segment too. The New India Assurance IFSC Insurance Office (IIO) will be the first insurance player at this global financial hub.
It is a proud moment for us as the vision of the Prime Minister of India of making GIFT a hub for International Financial Services is getting fulfilled, said Pandey.
Talking at a function, Union Minister of State for finance and corporate affairs, Arjun Ram Meghval said that seven banks are already operating from GIFT and the Reserve Bank of India (RBI) is taking liberal view to attract another seven banks that are operating their international businesses from Dubai.
The function was attended by Gujarat's deputy Chief Minister Nitin Patel, New India Assurance Company's CMD G Srinivasan and others.