India’s Gift City: The right financial hub in the wrong place

India’s first international financial services centre was created by premier Narendra Modi in 2008. Today, Gift City is a flourishing hub near Ahmedabad in the country’s arid northwest. K Rajaraman, chair of the International Financial Services Centres Authority, tells Euromoney why the zone is vital to India’s financial and economic aspirations.

K Rajaraman greets Euromoney with a wide smile, starts talking – and doesn’t stop. An hour-long conversation with him, words flowing like a torrent, is like five hours with someone else.

There’s a lot to discuss. Cheery and engaging, with an open demeanour, Rajaraman is chair of the International Financial Services Centres Authority (IFSCA), a four-year-old national-level financial regulator. He oversees the International Financial Services Centre, which in turn is part of the Gujarat International Finance Tec-City, better known as Gift City, a cross-border financial services zone taking shape near Ahmedabad in northwest India.

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