The India International Financial Services Centres Authority said Rajesh Agrawal, Secretary of India’s Department of Commerce, visited its headquarters at GIFT City for a high-level meeting with Chairperson K. Rajaraman and senior GIFT and IFSCA officials. The discussions centred on how the GIFT International Financial Services Centre framework can support ease of doing business for India’s international trade and commerce ecosystem, with a focus on global capital flows, international trade financing and the development of a cross-border financial ecosystem. A stakeholder consultation was also held during the visit, bringing together banks, bullion, leasing, fund management, trade finance and factoring participants to discuss operational and regulatory issues. IFSCA presented the growth of the GIFT IFSC ecosystem across banking, capital markets, insurance, fund management, aircraft and ship leasing, and fintech. Rajaraman said the centre now has more than 1,000 registered entities and operates under more than 35 regulations and 17 frameworks. The authority also outlined key enablers under consideration with the Department of Commerce, including Special Economic Zone framework enhancements, development of the leasing ecosystem, and opportunities in metals and commodities. In 2025-26, GIFT IFSC international banking units provided USD 50 bn in trade finance, while ITFS platforms and factoring companies provided USD 111 million in bill factoring to SMEs.

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