As many as 409 companies operating from IFSC GIFT City

New Delhi, Aug 18 (PTI) As many as 409 companies are operating in Gujarat International Finance Tec City - International Financial Services Centre (GIFT IFSC) as on July 31, 2025, Parliament was informed on Monday. "Between October 1, 2020 and July 31, 2025, the number of such companies has grown from 82 to 409. Further, banking, asset management and other financial ecosystems have been included and enabled in GIFT IFSC," Finance Minister Nirmala Sitharaman said in a written reply in the Lok Sabha.

Over the last 5 years, the government has provided several progressive policy measures for development of GIFT IFSC, such as - setting up of International Financial Services Centres Authority (IFSCA) as a unified statutory regulator for development and regulation of International Financial Services Centres (IFSCs) in India, she said.

To further enhance ease of doing business in GIFT IFSC, the government has also delegated powers of Development Commissioner under the Special Economic Zones (SEZ) Act, 2005 to International Financial Services Centres Authority (IFSCA) and facilitated the launch of a Single Window IT System (SWITS) for IFSC units, she said.

Replying to another question, Sitharaman said post Covid-19, the government has consolidated the debt from 61.4 per cent of GDP in 2020-21 to 56.1 per cent of GDP in budget estimate 2025-26.

Further, she said, the government aims to keep fiscal deficit in each year in such manner that the central government debt is on declining path to attain debt to GDP level of about 50±1 per cent by March 31, 2031.

The outstanding loan/debt at the end of FY 2024-25 is provisionally estimated at Rs 185.94 lakh crore, she said.

Replying to another question, Sitharaman said despite the weakened global trade, India's export performance has demonstrated resilience, with the country's overall exports reaching an all-time high of USD 824.96 billion in 2024-25.

This positive trend has continued into the current fiscal year, with overall exports registering an increase of 5.46 per cent during the first quarter, she said.

Furthermore, she said, India’s foreign exchange reserves provide a cover for more than 11 months of goods imports.

This consistent macroeconomic performance underscores the Indian economy's ability to navigate global and economic uncertainties effectively, she added.

The government has undertaken concerted measures aimed at protecting vulnerable sections of society from the adverse effects of economic volatility while sustaining the momentum of broad-based and inclusive economic growth, she said.

Flagship schemes such as the Pradhan Mantri Garib Kalyan Anna Yojana, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Pradhan Mantri Awas Yojana (PMAY), and Deen Dayal Upadhyaya Grameen Kaushalya Yojana, are being implemented to ensure access to the basic essentials, enhance livelihood opportunities, and improve the quality of life for the vulnerable sections.

Additionally, initiatives in skilling, entrepreneurship promotion, and social security further reinforce these efforts, she said.

In parallel, she said, the government has undertaken wide-ranging measures to stimulate economic growth, including enhanced capital expenditure, infrastructure development, financial sector reforms, and initiatives to improve the ease of doing business. PTI DP DP ANU ANU