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Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Sanjay Kaul, the Group CEO and Managing Director of GIFT City, emphasised the integral role the international financial services centre plays in India's ascent as a top global economy.
Highlighting the strategic importance of representing India on a global stage, Kaul noted that Davos serves as a premier platform to engage with C-suite executives and business leaders from the world's most influential companies. In an interview given to ANI, Kaul said, "We see it as a very important forum where two things. One is we bring to the world the financial services centre of India, number one. Number two, as well as what is it that is on offer here in India, and how can you come and set up business." He further elaborated that this presence is vital for the national perspective, ensuring that India is recognised globally as a legitimate economic power with a sophisticated financial services hub. Kaul revealed that the team has lined up approximately 30 bilateral meetings over three days, with immense interest pouring in from various global entities. Reflecting on the rapid growth of the project, Kaul pointed out, "Technically, we are just four years old since we are operating. When we started operations, we were not in the top 100 financial centres of the world. And today we are 43rd. In four years, we have reached 43." He shared that the current ecosystem supports 27,000 workers, with a clear target to scale this to 100,000 people by the year 2030, fueled by the strong economic growth story of India. The city has already attracted major international players across various sectors, including banking, fund management, and leasing. Global giants like JP Morgan and Morgan Stanley are already established, alongside 18 international foreign banks and subsidiaries of the NSE and BSE. Beyond traditional finance, the hub has seen the entry of bullion exchanges, aircraft leasing, and IT/ITeS majors. He noted that the presence of these entities across diverse sectors demonstrates the comprehensive nature of the ecosystem being built. Addressing the business performance of the hub, Kaul suggested that registration rates and global interest are more indicative of success than mere turnover figures. While the asset holding size for banks reached approximately USD 110 billion by September end and monthly trades on the exchanges averaged USD 69 billion, the momentum of new registrations remains the standout metric. (ANI)
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