Manish Tewari Proposes International Financial Centre in Chandigarh
To strengthen the region's economy, Manish Tewari, Member of Parliament from Chandigarh and former Union Minister, has proposed the creation of an International Financial Centre (IFC) in Chandigarh, inspired by Gujarat’s GIFT City.
In a letter to Union Finance Minister Nirmala Sitharaman, Tewari argued that this initiative would boost the region’s economy and enhance India’s standing as a global financial hub.
Tewari made a compelling case for Chandigarh, citing its strategic location and accessibility. As the shared capital of Punjab and Haryana and its proximity to Himachal Pradesh, he highlighted how the city is centrally positioned within North India's economic landscape.
He pointed out that the city boasts outstanding connectivity through road, rail, and air, including an international airport facilitating seamless domestic and global access critical prerequisite for an IFC. He also noted that Chandigarh exemplifies the confluence of modernity and meticulous urban planning, offering unparalleled infrastructure and a superior quality of life.
Tewari further highlighted that Chandigarh is renowned for its heritage, modern infrastructure, organized layout, and high quality of life.
Regarding the city's educational ecosystem, he pointed to institutions like Panjab University, PGIMER, Punjab Engineering College, and the Government Medical College, which ensure a steady supply of skilled professionals and foster a culture of research and innovation. Additionally, he noted the presence of numerous government and private schools, technical institutes, and polytechnics that offer quality education.
The former union minister emphasized that as one of India's most meticulously planned cities, Chandigarh is ideally positioned to integrate advanced utilities such as smart grids, automated waste management, and energy-efficient infrastructure. "Its scalable urban model aligns perfectly with the vision of a futuristic financial hub", he concluded.
He further compared traditional financial centers like Mumbai and Delhi explaining that Chandigarh offers significantly lower real estate and operational costs, a vital factor for attracting global investors and financial institutions.
He emphasized that coupled with its high living standards, the city offers a strong value proposition. The establishment of an IFC in Chandigarh, he said, would not only transform the city and its surrounding areas but also generate significant national benefits, including economic growth, the development of a new hub for financial services, fintech, and technology industries, all of which would provide a substantial boost to 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.
He explained that the cutting-edge infrastructure and investor-friendly policies will draw international businesses and strengthen India's position in the global financial market.
Suggesting the use of the city's educational and research institutions to foster an ecosystem for innovation-driven industries, he emphasized that this would boost employment and livelihood opportunities.
Tewari highlighted that tapping into these institutions to create a thriving innovation ecosystem would drive job creation and improve livelihoods.
Describing it as a 'visionary step' towards a resilient future, Tewari stated that Chandigarh's strategic location, modern infrastructure, and dynamic talent pool make it an ideal candidate for establishing an International Financial Centre (IFC).
"Such an initiative aligns seamlessly with the Union Government'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 endeavor 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 of any further inputs or assistance in advancing this visionary proposal.