Share on Presenting the Union Budget 2021 on February 1, Finance Minister Nirmala Sitharaman said: “The government will support the development of a world-class fintech hub at GIFT IFSC.” This year’s Union Budget is visionary for a multitude of reasons, but the above statement by the finance minister possibly stood out the most for fintech startups and enthusiasts. As per Invest India, the global average rate of fintech adoption rests at 64 percent, while that for India soars high at 87 percent. A step in the right direction The government’s plan to support a fintech hub at GIFT IFSC (often referred as the GIFT city) holds potential for two key reasons. Firstly, the idea of creating a fintech hub in addition to the existing infrastructure at GIFT IFSC; combined with a host of tax benefits for Indian startups as well as foreign funds (investing in India) makes a strong proposition for prospective startups to set camp in the city.