The latest quarterly bulletin from the International Financial Services Centres Authority (IFSCA) has highlighted the continued expansion of India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), describing it as a transformative element in the country’s financial sector strategy and its integration with global markets.
The bulletin said the establishment of the International Financial Services Centre (IFSC) within Gujarat International Finance Tec-City represents a landmark reform aimed at creating an international financial jurisdiction within India capable of supporting the full range of cross-border financial services.
Positioned as a hub for global financial and technology services, GIFT IFSC provides a specialised ecosystem for conducting international financial transactions from within India.
IFSCA said, “By creating a specialised jurisdiction with a unified regulatory framework, India has taken a strategic step toward integrating with the global financial system while retaining operations within its own borders.”
During Q4 FY2025–26, the bulletin reported continued expansion in the ecosystem, with total registrations and authorisations issued by IFSCA rising to 1,213 as of March 2026, compared with 1,114 in December 2025. This increase, including in-principle and provisional approvals, reflects a strengthening pipeline of institutions establishing a presence in the IFSC.
In the insurance segment, growth was particularly strong. IFSC Insurance Offices (IIOs), insurance entities licensed to underwrite or service international insurance business from within the IFSC, increased to 36 in March 2026, up from 24 in December 2025 and 22 in September 2025.
Insurance Intermediary Offices (IIIOs), which facilitate cross-border insurance broking and intermediary services from the IFSC, rose over the quarter from 31 to 34.
Reinsurance and direct insurance activity both recorded robust quarterly gains. Direct insurance gross written premium generated by IIOs increased to $15.38m in Q4 FY2025–26, up from $9.25m in the previous quarter.
Reinsurance gross written premium rose from $148.13m to $186.93m over the same period.
IFSCA said these trends reflect sustained traction across insurance and reinsurance activity within GIFT IFSC, supported by continued onboarding of participants and rising business volumes, pointing to deepening market depth.
The bulletin added that the evolving IFSC ecosystem is expected to play an increasingly important role in attracting international investment, fostering innovation, and supporting India’s long-term development ambitions under its Viksit Bharat@2047 vision.
