Summary:

According to IFSCA chairman Mr. K. Rajaraman, investments by the Indian diaspora in Gujarat International Finance Tec-City (GIFT City)-based funds now exceed Rs. 60,998 crore (US$ 7 billion). In 2024, NRIs and persons of Indian heritage sent more than Rs. 11,24,106 crore (US$ 129 billion) to India. Approximately 5,000 NRIs invested Rs. 13,071 crore (US$ 1.5 billion) in banking products and Rs. 60,998 crore (US$ 7 billion) in the fund ecosystem. GIFT City opened amenities to encourage diaspora investments.

He emphasized the importance of reforms within three to five years to help India achieve its 2047 goal of becoming a developed country. The IFSCA conducts benchmarking against other global financial centers. The 30 banks in GIFT City manage assets totaling over Rs. 6.79 lakh crore (US$ 78 billion). GIFT City is also exploring sectors beyond finance, such as aviation and shipping. Mr. Kamath emphasized the significance of solid internal controls in startups, particularly in light of emerging risks like artificial intelligence and cybersecurity.

Source: IBEF

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