The latest quarterly bulletin of the International Financial Services Centers Authority (IFSCA) highlights the continued expansion of the International Financial Services Center (GIFT IFSC) in the Indian state of Gujarat, describing it as a transformative element of the country’s financial sector strategy and its integration with global markets.
The announcement stated that the establishment of the International Financial Services Center (IFSC) in the International Fintech City of Gujarat is a landmark reform aimed at creating an international financial jurisdiction in India that can support a full range of cross-border financial services.
Positioned as a global financial and technology services hub, GIFT IFSC provides a dedicated ecosystem for international financial transactions within India.
“By creating a dedicated jurisdiction with a unified regulatory framework, India has taken a strategic step towards integrating into the global financial system while keeping operations within its borders,” IFSCA said.
During the fourth quarter of fiscal year 2025-26, the announcement reported that the ecosystem continued to expand, with the total number of registrations and authorizations issued by IFSCA increasing to 1,213 as of March 2026, compared with 1,114 in December 2025. This increase (including in-principle and provisional approvals) reflects the strengthening pipeline of institutions establishing operations in IFSCA.
In the insurance sector, growth has been particularly strong. The number of IFSC Insurance Offices (IIOs), which are insurance entities licensed to underwrite or service international insurance business within IFSC, will increase from 24 in December 2025 and 22 in September 2025 to 36 in March 2026.
The number of Insurance Intermediary Offices (IIIOs) that facilitate IFSC’s cross-border insurance brokerage and intermediary services increased from 31 to 34 during the quarter.
Both reinsurance and direct insurance activity recorded strong quarterly growth. Gross direct insurance premiums generated by IIO increased to $15.38 million in the fourth quarter of fiscal year 2025-26, up from $9.25 million in the previous quarter.
Total reinsurance premiums increased from US$148.13 million to US$186.93 million during the same period.
IFSCA said that these trends reflect the continued attractiveness of insurance and reinsurance activities within the GIFT IFSC and are supported by continued participation of participants and rising business volumes, indicating increasing market depth.
The evolving IFSC ecosystem is expected to play an increasingly important role in attracting international investment, promoting innovation and supporting India’s long-term development ambitions under the Viksit Bharat@2047 vision, the announcement added.
