GIFT City has entered a new era of leadership with the appointment of veteran banker Uday Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited. This move, effective as of mid-February 2026, sees the Kotak Mahindra Bank founder succeeding Hasmukh Adhia. The transition comes at a time of aggressive expansion for India’s first International Financial Services Centre. The financial hub has demonstrated significant growth, with over 1,100 entities now operational within the IFSC. The total asset base for the 38 banking units active in the zone has crossed $100.14 billion. This scale is reflected in the ecosystem's rising global profile, as GIFT City recently climbed to the 43rd position in the Global Financial Centres Index. Capital market activity remains a core driver for the hub. The GIFT Nifty continues to serve as a critical liquidity indicator, with monthly turnover figures reaching approximately $102.35 billion. Furthermore, the number of Fund Management Entities has surged to 194, managing total fund commitments of roughly $26.30 billion. Sector performance highlights include a major breakthrough in green finance. ReNew Energy recently issued $600 million in senior secured green bonds through its GIFT City subsidiary, marking the first international bond offering by an entity incorporated within the zone. In the aviation and maritime sectors, the hub now hosts 37 aircraft lessors and 34 ship lessors, supporting over 300 leased aviation assets. Policy updates from the Union Budget 2026 have further bolstered investor confidence. Key reforms include the extension of the IFSC tax holiday from 10 to 20 years and the introduction of a concessional 15% corporate tax rate for units once the holiday period concludes. These measures are designed to attract long-term global treasury operations and asset management firms. Operational milestones are also visible in the city's infrastructure and services. The launch of the Foreign Currency Settlement System now enables real-time transactions between IFSC banking units, bypassing the need for overseas correspondent banks. Additionally, India’s foreign exchange reserves have hit a record $701.4 billion as of early 2026, providing a stable macroeconomic backdrop for the hub's continued integration into global value chains. With the appointment of a Padma Bhushan-awarded leader and a robust regulatory framework under the IFSCA, GIFT City is positioned as a primary conduit for global capital, aiming to compete directly with established financial centers in Dubai, Singapore, and London.