Two Japanese banks are set to join India’s GIFT City, a tax-free international financial services hub. The city, located in Gujarat, has seen significant growth, with over 550 businesses registering and operating, representing assets worth $47 billion. The expansion of GIFT City’s financial sector is expected to contribute to India’s economic growth. The International Financial Services Centres Authority (IFSCA) chairman, K Rajaraman, highlighted the city’s appeal for businesses, emphasizing the ease of doing business, tax benefits, and international standards in processes and laws. IFSCA serves as the regulatory body for Indian special economic zones, including GIFT City.