Union Finance Minister Nirmala Sitharaman on Monday said that the government will facilitate setting up of a world class fintech hub in Gujarat International Finance Tec (GIFT) city.

The Finance Minister said this while presenting the Budget in Parliament.

GIFT City is a planned business district that spans over 886 acres of land with 62 mn sq. ft. of built up area which includes office spaces, residential apartments, schools, hospital, hotels, clubs, retail and various recreational facilities.

GIFT City consists of a conducive multi-service SEZ (Special Economic Zone) and an exclusive Domestic Area.

The city is located on the bank of river Sabarmati connecting Ahmedabad and Gandhinagar.

India is one of the fastest-growing fintech markets in the world. The fintech market in India is expected to reach Rs 6,207.41 billion by 2025, expanding at a compound annual growth rate (CAGR) of 22.7 per cent during the 2020-2025 period, according to ResearchAndMarkets.