By Gayathri Parthasarathy, Partner and Leader – Financial Services, PwC India
GIFT City has emerged as one of India’s most ambitious financial sector projects – a global financial hub designed to attract institutions, capital, and innovation. Over the past decade, it has steadily built credibility with global investors and multinational firms by providing a robust regulatory framework, tax incentives, and world-class infrastructure. Our recent PwC report, Moving the Needle on GIFT City, highlights the rapid progress being made and the opportunities ahead.
A growing hub with global traction
GIFT City today hosts more than 550 entities across banking, insurance, capital markets and fintech, including some of the world’s leading financial institutions. Trading volumes at the International Financial Services Centre (IFSC) are scaling new highs, with derivatives volumes up 37% YoY in FY24, and aircraft leasing emerging as a promising area. These developments are not just about numbers; they are proof that international players see India’s IFSC as credible, competitive, and strategically important.
This growth naturally increases demand for skilled professionals. The PwC report estimates that talent demand in GIFT City is expected to nearly double over the next five years. Far from being a deterrent, it signals that GIFT City is maturing into a hub where global financial activity converges.
Addressing workforce challenges head-on
Every fast-growing financial centre has had to balance demand and supply of talent in its early years. Singapore, Dubai and Hong Kong all faced similar questions around depth of talent. GIFT City is no different. The PwC report notes that attrition levels for certain specialised roles in GIFT City have been in the range of 22–25% annually, higher than the broader industry average. However, these challenges are being actively addressed.
Regulators, industry bodies and employers are working to build a more sustainable talent pipeline. Several initiatives are already underway:
- Collaboration with academic institutions to design specialised courses in international finance, risk management, and fintech.
- State government support for housing and social infrastructure to make GIFT City a more attractive residential location.
- Employer initiatives to strengthen career progression, work-life balance and retention.
As these efforts scale, the workforce ecosystem will stabilise – much as it did in other global hubs.
Building a differentiated talent proposition
What sets GIFT City apart is India’s inherent advantage. With one of the world’s largest and youngest talent pools, India can channel this strength into GIFT City by creating pathways from metros and Tier-2 cities into global finance roles. Already, the PwC report notes that over 40% of the current workforce in GIFT City has been sourced from outside Gujarat, demonstrating its ability to attract professionals nationwide.
Moreover, the rise of hybrid work models, digital platforms and global service delivery plays to India’s strengths. GIFT City has the opportunity to position itself not just as a financial hub, but as a workplace of the future, offering professionals international exposure, cutting-edge technology, and strong career progression without having to relocate overseas.
Looking ahead
The story of GIFT City is one of momentum and long-term vision. Talent challenges exist, but they are not insurmountable. In fact, they highlight the scale of opportunity being created. By continuing to invest in education, infrastructure and employer practices, GIFT City can create a workforce ecosystem that is both resilient and globally competitive.
For India, GIFT City represents more than a cluster of offices – it is a symbol of ambition, global integration and the belief that our financial sector can stand shoulder-to-shoulder with the world’s best. Ensuring a strong, sustainable workforce will be central to this journey, and the progress we are already seeing gives ample reason for confidence.
At PwC, we are proud to be a committed partner in GIFT City’s journey, working alongside regulators, institutions and employers to strengthen its workforce ecosystem and help shape its future as a world-class financial centre.
