GIFT IFSC has crossed cumulative business transactions worth $2 billion and is expected to create 10,000 jobs by the end of this year
Business transactions at Gujarat International Finance Tec-City (GIFT), country's first International Financial Services Centre, has crossed USD 2 billion mark and is likely to grow manifold in the near term.
The GIFT IFSC, which has currently generated 5,000 jobs, is expected to generate one million more employment opportunities by 2025. It is likely to create at least 10,000 jobs by the end of this year.
"GIFT IFSC has already crossed cumulative business transactions worth $2 billion," GIFT City managing director and CEO Ajay Pandey told reporters here.
Noting that the business transactions are going up by the day, Pandey said it will further pick up significantly once regulator Sebi gives the go-ahead to launch more products like currency derivatives in the international exchanges.
International exchange by BSE is already in operation and is generating an average turnover of USD 2 million. Meanwhile, NSE is awaiting final approval from Sebi to begin its international bourse at IFSC.
Pandey also said, "By 2025, we are expected to create one million job, which includes half a million direct jobs and half a million indirect jobs."
"It is 5,000 right now and is likely to go upto 10,000 by end of this year," he added.
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