GIFT City Poised for Global Growth but Yet to Match Mumbai or Delhi: PwC Report
GIFT City, officially known as Gujarat International Finance Tec-City, has steadily evolved into a future-ready hub for global business, finance, and innovation. Located in Gujarat’s Gandhinagar district, this ambitious financial project has captured the attention of multinational firms, financial institutions, and policymakers alike.
While many wonder whether GIFT City will eventually overtake Mumbai or Delhi as India’s premier financial centre, a new PwC report reveals that the hub has not yet reached the operational maturity of these established markets.
The report states, “GIFT City is yet to attain the maturity of India’s traditional financial hubs, but it demonstrates significant long-term growth potential.”
Highlighting that GIFT City still has critical ground to cover before it can rival India’s financial powerhouses, PwC emphasized that achieving global competitiveness will require a coordinated push to strengthen its ecosystem and adapt to evolving market demands.
The report acknowledged that infrastructure expansion, forward-thinking policies, and regulatory relaxations have already made GIFT City an attractive destination for businesses. Tax incentives emerged as a key draw, with 68% of surveyed senior executives citing tax-related benefits as the most influential factor in considering operations there.
However, talent remains a challenge. While local workers can meet general staffing needs, specialized financial and technology roles often require professionals from other cities. PwC stressed the urgency of developing a world-class talent pipeline equipped with future-ready skills to ensure long-term viability.
As industries converge, blurring boundaries between sectors such as healthcare, housing, food, and mobility, GIFT City must evolve into a more adaptive and innovation-friendly ecosystem. The report also underscored the importance of promoting GIFT City on the global stage, suggesting that showcasing its competitive advantages and improving its position in international rankings could help attract a broader range of global investors and institutions.
Ultimately, PwC concluded that GIFT City’s future depends on maintaining cost competitiveness, nurturing specialized talent, and fostering active collaboration between government, private enterprises, and international partners. With focused strategic interventions, the report noted, GIFT City is on a promising trajectory and could soon stand alongside the world’s leading financial centres.
