Tewari proposes financial centre in UT, writes to minister

Chandigarh MP and former union minister Manish Tewari has suggested an International Financial Centre (IFC) in the union territory (UT), modelled on the Gujarat International Finance Tec-City (GIFT City).

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In a letter to the Union Finance Minister Nirmala Sitharaman, Tewari stated, “This project will 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 said, “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 pointed that Chandigarh exemplified the confluence of modernity and meticulous urban planning, offering unparalleled infrastructure and a superior quality of life.

“Chandigarh is known for its heritage, modern infrastructure and organised layout,” Tewari added.

Referring to educational ecosystem, he pointed out that institutions such as Panjab University, PGIMER, Punjab Engineering College and the Government Medical College ensured 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.” “It’s scalable urban model is perfectly aligned with the vision of a futuristic financial hub,” he said.

Besides, he said, compared to traditional financial centres like Mumbai or Delhi, Chandigarh offered significantly lower real estate and operational costs, a vital factor for attracting global investors and financial institutions. 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, while 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, “The IFC will also help in global competitiveness with cutting-edge infrastructure and investor-friendly policies which will draw international businesses and strengthen India’s position in global financial markets. It will help in employment generation and livelihood.” “Such an initiative aligns seamlessly with the Government of India’s vision of fostering robust, inclusive and sustainable economic growth,” he said, 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.

While offering to remain at the disposal for any further inputs or assistance in advancing this visionary proposal Tewari said, “Together, let us pave the way for a new era of growth and opportunity.”