Tewari writes to Sitharaman, bats for international financial centre in Chandigarh

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 Tec-City (GIFT City).

In a letter written to Union Finance Minister Nirmala Sitharaman, Tewari said the project would bolster the region's economy and elevate India's position as a global financial powerhouse. On making Chandigarh an ideal choice, he said the city had 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 placed it at the heart of north India's economic matrix.

He said the city had 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 the unmatched social and physical infrastructure, he said Chandigarh exemplified the confluence of modernity and meticulous urban planning, offering unparalleled infrastructure and a superior quality of life. Tewari further said the Union Territory was known for its heritage, modern infrastructure, organised layout and high standard of living.

Referring to the educational ecosystem, he said institutions such as Panjab University, PGIMER, Punjab Engineering College and Government Medical College ensured a robust pipeline of skilled professionals and a culture of research and innovation.

The city also had numerous government and private schools, technical institutes and polytechnic colleges that provided quality education, he added.

The former union minister said as one of India's most meticulously planned cities, Chandigarh was ideally suited for integrating advanced utilities such as 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 said.

Besides, he said compared to traditional financial centres such as Mumbai or Delhi, Chandigarh offered significantly lower real estate and operational costs — vital factors for attracting global investors and financial institutions.

Combined with its superior living standards, the city presented 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 such as economic growth, new hub for financial services, fintech and technology industries, significantly boosting India's GDP.

It would also encourage balanced regional development, decentralising economic activity from overburdened Metros and fostering inclusive growth across northern India, he said.

Tewari said it would 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 would help in employment generation and livelihood.

Asserting that it would be a “visionary step” for a resilient future, Tewari said the unparalleled combination of strategic location, modern infrastructure and a vibrant talent pool positioned Chandigarh as a natural choice for the setting up an IFC.

“Such an initiative aligns seamlessly with the Government of India's vision of fostering robust, inclusive and sustainable economic growth,” the minister said. “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 added.