MP Tewari bats for international financial centre in Chandigarh

To bolster the region’s economy and elevate India’s position as a global financial powerhouse, 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).

Making a strong case for Chandigarh as an ideal choice, Tewari, in a letter to Union finance minister Nirmala Sitaraman, said the city has a strategic location and accessibility given its 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 that 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.

Referring to the educational ecosystem, Tewari pointed out that the city institutions, such as Panjab University (PU), Post Graduate Institute of Medical Education & Research (PGIMER), Punjab Engineering College (PEC) and Government Medical College and Hospital (GMCH), 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 centres like Mumbai or Delhi, Chandigarh offers 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 that 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, a new hub for financial services, fintech, and technology industries, 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.

In the letter, Tewari further said the centre 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.

“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 of any further inputs or assistance in advancing this proposal. “Together, let us pave the way for a new era of growth and opportunity,” he urged the finance minister.