Professional services enablement in GIFT-IFSC: Catalyzing entrepreneurship, innovation, and sustainable finance in India

Abstract

This study examines the evolving role of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC) as a strategic platform for entrepreneurship, innovation, and sustainable finance in India. While existing literature primarily emphasizes regulatory integration and global capital connectivity, this paper highlights the critical contribution of professional service providers, particularly legal professionals and cost and management accountants, in strengthening the entrepreneurial ecosystem, supporting fintech innovation, and advancing sustainability-oriented financial practices. Drawing on a doctrinal and comparative analytical approach, the study evaluates the institutional and regulatory framework established under the International Financial Services Centres Authority (IFSCA) Act, 2019, alongside comparative insights from leading international financial centres. The findings indicate that professional services function as essential enablers of startup development, cross-border financial structuring, regulatory compliance, and ESG-aligned investment flows. However, the current framework underutilizes their potential as standalone financial services, thereby limiting their strategic contribution to innovation-led growth. The study identifies regulatory, institutional, and operational gaps that constrain the integration of entrepreneurship and sustainable finance within the GIFT-IFSC ecosystem. It further proposes policy reforms aimed at expanding the scope of professional services, enhancing regulatory clarity, strengthening sustainability frameworks, and promoting global competitiveness. The paper concludes that strengthening professional service enablement can reposition GIFT-IFSC beyond a conventional financial hub into a comprehensive ecosystem for entrepreneurship, innovation, and sustainable economic development, thereby supporting India’s long-term growth and global financial integration.