Tewari proposes International Financial Centre in Chandigarh

Chandigarh, January 8, 2025:  Chandigarh MP and former union minister Manish Tewari has suggested the establishment of an International Financial Centre (IFC) in Chandigarh, modelled on the Gujarat International Finance Tec-City (GIFT City). 

In a letter to the Union Finance Minister Nirmala Sitaraman, Tewari said, this project would bolster the region's economy and elevate India's position as a global financial powerhouse.

Making a strong case for Chandigarh as an ideal choice, he said, the city has a strategic location and accessibility given its exceptional geographic positioning as the shared capital of Punjab and Haryana, coupled with its proximity to Himachal Pradesh, which places it at the heart of North India's economic matrix. 

He pointed out, the city boasts outstanding connectivity through road, rail, and air, including an international airport facilitating seamless domestic and global access-a critical prerequisite for an IFC.

Referring to unmatched social and physical infrastructure, he noted that Chandigarh exemplifies the confluence of modernity and meticulous urban planning, offering unparalleled infrastructure and a superior quality of life. 

Besides, Tewari added, Chandigarh is known for its heritage, modern infrastructure, organised layout, and high quality of life.

Referring to Educational Ecosystem, he pointed out the institutions such as Panjab University, PGIMER, Punjab Engineering College, and the Government Medical College ensure a robust pipeline of skilled professionals and a culture of research and innovation. 

The city also has numerous government and private schools, technical institutes, and polytechnics that provide quality education, he added.

The former union minister said, as one of India's most meticulously planned cities, Chandigarh is ideally suited for integrating advanced utilities like smart grids, automated waste management, and energy-efficient infrastructure. “Its scalable urban model is perfectly aligned with the vision of a futuristic financial hub”, he remarked.

Besides, he said, Compared to traditional financial centers like Mumbai or Delhi, Chandigarh offers significantly lower real estate and operational costs, a vital factor for attracting global investors and financial institutions. 

Combined with its superior living standards, the city presents a compelling value proposition, he said, adding, the establishment of an IFC in Chandigarh would not only transform the city and its surrounding regions but also deliver far-reaching national benefits like Economic Growth, new hub for financial services, fintech, and technology industries, significantly boosting India's GDP.

It will also encourage balanced Regional Development, Decentralising economic activity from overburdened metros and fostering inclusive growth across northern India, he observed.

Tewari said, it will also help in Global Competitiveness with Cutting-edge infrastructure and investor-friendly policies which would draw international businesses and strengthen India's position in global financial markets.

Suggesting leveraging the city's educational and research institutions to create a thriving ecosystem for innovation-driven industries, he said it will help in employment generation and livelihood. 

Asserting that it will be ‘Visionary Step’ for a Resilient Future, Tewari said, the unparalleled combination of strategic location, modern infrastructure, and a vibrant talent pool positions Chandigarh as a natural choice for establishing an IFC. 

“Such an initiative aligns seamlessly with the Government of India's vision of fostering robust, inclusive, and sustainable economic growth”, he added, while earnestly urging the minister to initiate a detailed feasibility study to explore the immense potential of Chandigarh as India's next international financial hub. 

“This endeavour holds the promise of not only redefining the region's economic landscape but also ensuring India's stature as a global financial leader”, he observed while offering to remain at the disposal for any further inputs or assistance in advancing this visionary proposal. “Together, let us pave the way for a new era of growth and opportunity”, he urged the minister.