UPSC CSE Current Affairs — 23 May 2026

Union Finance Minister Nirmala Sitharaman chaired a review meeting at GIFT City, Gandhinagar, attended by Principal Secretary to PM and Gujarat Deputy Chief Minister. GIFT City is India's first International Financial Services Centre (IFSC), operational since 2017. The meeting focused on reviewing GIFT City's progress, regulatory framework, and infrastructure development. GIFT City hosts major financial institutions, exchanges, and aims to become a global financial hub rivaling Singapore and Dubai.

GIFT City represents India's ambitious attempt to establish a world-class financial hub that can compete with established centers like Singapore, Hong Kong, and Dubai. Located in Gandhinagar, Gujarat, it operates under a special regulatory framework as India's first IFSC, offering significant tax incentives and relaxed regulations to attract global financial firms. The high-level review meeting signals government commitment to accelerating GIFT City's development as a strategic economic priority. The presence of the PM's Principal Secretary indicates this initiative's national importance beyond state boundaries. GIFT City's success is crucial for India's financial services exports, reducing dependence on offshore financial centers, and attracting foreign investment. It houses major institutions like NSE IFSC, BSE IFSC, and numerous banks' international arms. The project aligns with India's broader economic diplomacy and 'Atmanirbhar Bharat' vision by creating domestic alternatives to foreign financial centers. Recent developments include expanding the regulatory sandbox, introducing new financial products, and improving infrastructure. The meeting likely addressed challenges like talent acquisition, technology infrastructure, and competing with established global centers while leveraging India's cost advantages and growing economy.