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IFSCA – Press Release on Secretary, Department of Commerce visit to GIFT IFSC and key highlights

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  • IFSCA – Press Release on Secretary, Department of Commerce visit to GIFT IFSC and key highlights

The International Financial Services Centres Authority (“IFSCA” / “Authority”) has issued a Press Release dated May 16, 2026, regarding the visit of Shri Rajesh Agarwal, Secretary, Department of Commerce, Government of India, to the IFSCA Headquarters at GIFT City for a high-level meeting with Shri K. Rajaraman, Chairperson, IFSCA, along with senior officials from IFSCA and GIFT City (“Press Release”).

The meeting focused on the growing role of GIFT IFSC in strengthening ease of doing business for India’s international trade and commerce ecosystem, including facilitation of global capital flows, international trade financing, and development of a robust cross-border financial ecosystem.

Key highlights of the Press Release are as follows:

  • Chairperson, IFSCA highlighted the emergence of GIFT IFSC as a globally competitive international financial and business hub and a gateway for global capital flows.
  • The discussion covered the growth of GIFT IFSC across banking, capital markets, insurance, fund management, aircraft and ship leasing, trade finance, reinsurance, and fintech sectors.
  • IFSCA highlighted its role as a unified regulator for GIFT IFSC supported by more than 35 regulations and 17 frameworks, with over 1,000 registered entities operating within the ecosystem.
  • Shri Sanjay Kaul, MD & Group CEO, GIFT City Co. Ltd., presented plans relating to city upgradation, social infrastructure, and ease of living initiatives.
  • A detailed presentation was made on key policy and regulatory enablers under consideration with the Department of Commerce, including:
    • Enhancements to the SEZ framework.
    • Development of the leasing ecosystem.
    • Opportunities in the metals and commodities sector.

6. In FY 2025-26:

  • International Banking Units (“IBUs”) at GIFT IFSC provided approximately USD 50 billion in trade finance.
  • ITFS platforms and factoring companies facilitated approximately USD 111 million through bill factoring for SMEs.

7. A stakeholder consultation meeting was also conducted with participation from banks, bullion market participants, leasing entities, Fund Management Entities (“FMEs”), ITFS platforms, factoring companies, IIFT, and other trade finance entities to discuss operational and regulatory challenges and measures for further strengthening the ecosystem.

8. The discussions reflected a shared commitment towards strengthening policy coordination and enabling a globally integrated financial ecosystem at GIFT IFSC aligned with the vision of Viksit Bharat 2047.

A copy of the Press Release is attached herewith for your ready reference.

Source category: IFSC Insurance Office

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