GIFT City
{{Short description|Business district under construction in Gujarat, India}}
{{Advert|date=November 2023}}
{{Update article|date=February 2025}}
{{Use dmy dates|date=May 2018}}
{{Infobox settlement
| name = GIFT City
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| alt1 = Drone view of GIFT City
| caption1 = Drone view
| image2 = Night view of GIFT City 1.svg
| alt2 = Night view of GIFT City
| caption2 = Night view
| image3 = BRIGADE INTERNATIONAL FINANCIAL CENTRE, GIFT City.svg
| alt3 = Brigade International Financial Centre, GIFT City
| caption3 = BIFC
| image4 = TIER - IV Data Centre, GIFT City.svg
| alt4 = TIER - IV Data Centre, GIFT City
| caption4 = TIER - IV Data Centre
| image5 = GIFT One & Two Tower.svg
| alt5 = GIFT One & Two Tower
| caption5 = GIFT One & Two Tower
| image6 = GIFT One Tower.svg
| alt6 = GIFT One Tower
| caption6 = GIFT One Tower
| image7 = BSE Brokers Forum, GIFT City.svg
| alt7 = BSE Brokers Forum, GIFT City
| caption7 = BSE Brokers Forum
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| map_caption = Map of GIFT City
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| subdivision_type2 = District
| subdivision_name1 = Gujarat
| subdivision_name2 = Gandhinagar
| established_title = Establishment
| established_date = 10 April 2015
| named_for =
| founder = Narendra Modi
| government_type =
| governing_body = Gujarat International Finance Tec-City Company Limited
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| unit_pref = Ahmedabad Metro
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| postal_code = 382426
| area_code = 091
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| website = {{Official URL}}
| official_name = Gujarat International Finance-Tec City
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| subdivision_name4 = Ahmedabad Metro
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Gujarat International Finance Tec-City also called GIFT City, is a central business district under construction in the Gandhinagar district as suburb city of Ahmedabad in Ahmedabad Metropolitan Region in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. In 2020 GIFT IFSC bagged 10th place in Finance Industry and top rank in emerging financial centres in the Global Financial Centres Index.{{Cite web |last=Reporter |first=B. S. |date=2017-10-03 |title=GIFT City's IFSC bags 10th place in Global Financial Centres Index |url=https://www.business-standard.com/article/markets/gift-city-s-ifsc-bags-10th-place-in-global-financial-centres-index-117100200495_1.html |access-date=2023-03-22 |website=www.business-standard.com |language=en |archive-date=22 April 2023 |archive-url=https://web.archive.org/web/20230422043959/https://www.business-standard.com/article/markets/gift-city-s-ifsc-bags-10th-place-in-global-financial-centres-index-117100200495_1.html |url-status=live }}{{Cite web |last=S |first=Rajalakshmi |date=2017-10-02 |title=GIFT-IFSC ranks at 10th place in Global Financial Centres Index |url=https://www.thehindubusinessline.com/markets/giftifsc-among-top-15-global-financial-centres/article9883732.ece |access-date=2023-03-22 |website=www.thehindubusinessline.com |language=en |archive-date=22 April 2023 |archive-url=https://web.archive.org/web/20230422050134/https://www.thehindubusinessline.com/markets/giftifsc-among-top-15-global-financial-centres/article9883732.ece |url-status=live }} In 2025, GIFT City secured the top rank in reputational advantage, ranked 40th in fintech, and achieved an overall ranking of 46th in the Global Financial Centres Index (GFCI 37).{{Cite news |date=Mar 26, 2025 |title=GIFT City climbs global financial centre index, bolsters its hub status |url=https://www.business-standard.com/economy/news/gift-city-climbs-global-financial-centre-index-bolsters-its-hub-status-125032600948_1.html |url-status=live}} As of June 2023, it is home to 23 PSBs and multi-national banks, many of the first banks that started operation in early 2010s include Bank of Baroda, State Bank of India, Punjab National Bank, Indian Bank etc. Furthermore, it includes 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India's first international bullion exchange with 75 onboarded jewellers.{{Cite web |title=Why Google Chose Gujarat For Its Global Fintech Operations Hub |url=https://www.forbesindia.com/article/news/why-google-chose-gujarat-for-its-global-fintech-operations-hub/86119/1 |access-date=2023-06-29 |website=Forbes India |language=en |archive-date=29 June 2023 |archive-url=https://web.archive.org/web/20230629093421/https://www.forbesindia.com/article/news/why-google-chose-gujarat-for-its-global-fintech-operations-hub/86119/1 |url-status=live }}{{Cite web |title=Google To Set Up A Centre In GIFT City — Will This Boost The Fintech Ecosystem In India? |url=https://www.forbesindia.com/audio/to-the-point/google-to-set-up-a-centre-in-gift-city-will-this-boost-the-fintech-ecosystem-in-india/86133 |access-date=2023-06-26 |website=Forbes India |language=en |archive-date=26 June 2023 |archive-url=https://web.archive.org/web/20230626181448/https://www.forbesindia.com/audio/to-the-point/google-to-set-up-a-centre-in-gift-city-will-this-boost-the-fintech-ecosystem-in-india/86133 |url-status=live }}
The city is located on the banks of the Sabarmati River and is around {{cvt|12|km}} from Sardar Vallabhbhai Patel International Airport.{{Cite web|url=http://www.gudcltd.com/gujarat-international-finance-tech-city|title=THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)|website=www.gudcltd.com|language=en|access-date=2018-02-02|archive-date=9 June 2019|archive-url=https://web.archive.org/web/20190609031628/http://gudcltd.com/gujarat-international-finance-tech-city|url-status=dead}}{{cite web|url=http://www.businesstoday.in/sectors/infra/gift-city-gujarat-international-finance-tec-city-jobs-companies-offices/story/268278.html|title=GIFT makes steady progress; witnesses a 'hockey stick growth curve'|website=www.businesstoday.in|date=17 January 2018|access-date=1 November 2018|archive-date=25 June 2018|archive-url=https://web.archive.org/web/20180625021957/https://www.businesstoday.in/sectors/infra/gift-city-gujarat-international-finance-tec-city-jobs-companies-offices/story/268278.html|url-status=live}}{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/more-gifts-for-gift-city-might-stop-flight-of-capital-to-singapore/articleshow/62744143.cms|title=More gifts for GIFT City may stop flight of capital to Singapore|last=Subramanian|first=N. Sundaresha|date=2018-02-01|work=The Economic Times|access-date=2018-02-02|archive-date=24 June 2018|archive-url=https://web.archive.org/web/20180624211238/https://economictimes.indiatimes.com/markets/stocks/news/more-gifts-for-gift-city-might-stop-flight-of-capital-to-singapore/articleshow/62744143.cms|url-status=live}}{{cite web |title= Developments of Gandhinagar|url= https://www.nationsroot.in/member/ahmedabad-west-mp-dr-kirit-p-solanki |access-date= 14 September 2018 |archive-date= 31 December 2019 |archive-url= https://web.archive.org/web/20191231110610/https://www.nationsroot.in/member/ahmedabad-west-mp-dr-kirit-p-solanki |url-status= dead }} The city is designed so residents can walk to work, and includes commercial, financial and residential complexes. The city is connected through 4-6 lane state and national highways. A metro station is also planned{{clarify|is it still (Oct 2023) merely "planned" when construction is expected to be complete in 6 mos??? or is it currently "under construction"?|date=October 2023}} for construction, which would connect GIFT City to the Ahmedabad Metro network. This is expected to be completed by March 2024.{{cite web|url=https://timesofindia.indiatimes.com/city/ahmedabad/Gujarat-International-Finance-Tec-City-to-have-its-own-metro-stations/articleshow/17961716.cms |archive-url=https://web.archive.org/web/20131105151056/http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha |url-status=live |archive-date=2013-11-05 |website=The Times of India |title= Gujarat International Finance Tec-City to have its own metro stations |access-date=2017-01-03}}{{Cite web|url=https://www.financialexpress.com/infrastructure/ahmedabad-gandhinagar-metro-rail-work-on-phase-2-of-the-project-to-begin-in-june-2020-details/1767787/|title=Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details|date=2019-11-18|website=The Financial Express|language=en-US|access-date=2020-01-23|archive-date=19 November 2019|archive-url=https://web.archive.org/web/20191119134942/https://www.financialexpress.com/infrastructure/ahmedabad-gandhinagar-metro-rail-work-on-phase-2-of-the-project-to-begin-in-june-2020-details/1767787/|url-status=live}} The total area for the development of GIFT is {{convert|886|acre|order=flip}} out of which the special economic zone (SEZ) constitutes {{convert|261|acre|order=flip}}. The project area under development can hence be classified under the SEZ area and the non-SEZ area (also known as the Domestic Tariff area or the DTA).{{cite news |last1=Rodrigues |first1=Jeanette |last2=Sircar |first2=Subhadip |title=India's Free-Market Oasis Aims to Take On Singapore and Dubai |url=https://www.bloomberg.com/news/features/2022-11-29/which-city-will-be-next-singapore-or-dubai-new-india-finance-hub-has-big-plans |access-date=29 November 2022 |work=Bloomberg News |date=29 November 2022 |language=en |archive-date=29 November 2022 |archive-url=https://web.archive.org/web/20221129022329/https://www.bloomberg.com/news/features/2022-11-29/which-city-will-be-next-singapore-or-dubai-new-india-finance-hub-has-big-plans |url-status=live }}
With the opening of the first campuses of two Australian universities on 7 November 2023 in the presence of Indian counterpart Dharmendra Pradhan and Australian Education Minister Jason Clare, GIFT City is beginning to establish itself as the centre of foreign universities in the nation.{{Cite news |last=Langa |first=Mahesh |date=7 November 2023 |title=Two Australian Universities open in GIFT City |work=The Hindu |url=https://www.thehindu.com/news/national/other-states/two-australian-universities-open-in-gift-city/article67504753.ece |access-date=7 November 2023}}
Etymology
The name "GIFT" is an acronym that stands for "Gujarat International Finance Tec-City". The word "Gujarat" refers to the western Indian state where the city is located. "International" signifies that the city is intended to be a global hub for financial and business services, attracting businesses and investors from around the world. "Finance" highlights the primary focus of the development, which is to create a world-class financial centre."Tec-City" stands for "Technology-based SEZ" (Special Economic Zone).{{Cite web |title=Gujarat International Finance Tec-City |url=https://gift-web-assets.s3.ap-south-1.amazonaws.com/RTI-08Aug2022.pdf |website=GIFT City |access-date=30 March 2023 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405101925/https://gift-web-assets.s3.ap-south-1.amazonaws.com/RTI-08Aug2022.pdf |url-status=live }}
History
File:Shri Sudhir Mankad, Chairman, GIFT City, presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City, Gandhinagar, Gujarat.jpg Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City.{{cite news|title=PM Modi to inaugurate 16-storey international exchange in Gujarat to rival Singapore, Dubai|url=https://economictimes.indiatimes.com/markets/stocks/news/pm-modi-to-inaugurate-16-storey-international-exchange-in-gujarat-to-rival-singapore-dubai/articleshow/56420183.cms|access-date=16 January 2017|agency=Indo-Asian News Service|publisher=India Times|date=9 January 2017|archive-date=11 January 2017|archive-url=https://web.archive.org/web/20170111183454/http://economictimes.indiatimes.com/markets/stocks/news/pm-modi-to-inaugurate-16-storey-international-exchange-in-gujarat-to-rival-singapore-dubai/articleshow/56420183.cms|url-status=live}}{{cite news|title=PM Narendra Modi launches India's first international stock exchange|url=https://www.indiatoday.in/education-today/gk-current-affairs/story/modi-launches-india-stock-exchange-gift-city-954720-2017-01-13|access-date=16 January 2017|publisher=India Today|date=13 January 2017|archive-date=25 October 2021|archive-url=https://web.archive.org/web/20211025072940/https://www.indiatoday.in/education-today/gk-current-affairs/story/modi-launches-india-stock-exchange-gift-city-954720-2017-01-13|url-status=live}}]]
On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.{{cite web |url=http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector |title=Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times |website=Articles.economictimes.indiatimes.com |date=2011-12-15 |access-date=2017-01-03 |archive-date=22 January 2012 |archive-url=https://web.archive.org/web/20120122014757/http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector |url-status=dead }}
On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, of enterprise business of Huawei India, this technology included networks, data centres and surveillance.{{cite web|url=https://timesofindia.indiatimes.com/city/ahmedabad/Chinas-Huawei-to-provide-tech-for-GIFT/articleshow/11126939.cms |archive-url=https://web.archive.org/web/20120116131308/http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis |url-status=live |archive-date=2012-01-16 |website=The Times of India |title= China's Huawei to provide tech for GIFT |access-date=2017-01-03}}
On 2 October 2014, NetIndian reported a new World Trade Centre would be set up in GIFT City as per an agreement between the World Trade Centre India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.{{cite web |url=http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development |title=GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian |website=Netindian.in |date=2014-10-02 |access-date=2017-01-03 |archive-date=8 November 2014 |archive-url=https://web.archive.org/web/20141108070916/http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development |url-status=live }}
BSE Broker's Forum planned to invest {{INRConvert|1.2|b|lk=r|year=2017}} to build a commercial tower to set up back-office operations. They were allocated {{convert|300000|sqft|m2|order=flip}} to develop the commercial tower with the likelihood of setting up an exchange office.{{cite web |url=http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420 |title=BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis |website=Dnaindia.com |date=2014-10-15 |access-date=2017-01-03 |archive-date=18 November 2014 |archive-url=https://web.archive.org/web/20141118164007/http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420 |url-status=live }}
According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest {{INRConvert|5|b|year=2014}} over the next few years to develop {{convert|1.1|e6sqft|e6m2|abbr=off|order=flip}} of built-up area with a future option of investing another {{INRConvert|6|b|year=2014}} to develop {{convert|1.7|e6sqft|e6m2|order=flip}}.{{cite web |url=http://timesofindia.indiatimes.com/business/india-business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms |title=Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India |website=Timesofindia.indiatimes.com |date=2014-10-18 |access-date=2017-01-03 |archive-date=20 October 2014 |archive-url=https://web.archive.org/web/20141020175522/http://timesofindia.indiatimes.com/Business/India-Business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms |url-status=live }}
In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project.{{cite web|url=https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani|title=Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani|website=The Wire|access-date=29 January 2019|archive-date=27 November 2018|archive-url=https://web.archive.org/web/20181127114848/https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani|url-status=live}} In June, 2020, IL&FS concluded sale of its stake in GIFT-City for {{INRConvert|320|m|year=2020}} equity value to the state government.{{Cite news|date=2020-06-08|title=IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|access-date=2020-06-09|archive-date=21 June 2020|archive-url=https://web.archive.org/web/20200621050340/https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|url-status=live}}
According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.{{cite web|url=https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html|title=Boost for AIF biz at Gift city as top fund administrator gets license|first=Rajesh|last=Bhayani|date=14 January 2019|via=Business Standard|access-date=29 January 2019|archive-date=29 January 2019|archive-url=https://web.archive.org/web/20190129181319/https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html|url-status=live}}
On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.{{Cite news|url=https://www.business-standard.com/article/finance/bank-of-america-opens-global-business-services-center-at-gift-ifsc-119120601155_1.html|title=Bank of America opens Global Business Services Center at GIFT-IFSC|last=Umarji|first=Vinay|date=2019-12-06|work=Business Standard India|access-date=2020-01-23|archive-date=14 January 2020|archive-url=https://web.archive.org/web/20200114144851/https://www.business-standard.com/article/finance/bank-of-america-opens-global-business-services-center-at-gift-ifsc-119120601155_1.html|url-status=live}}
On 6 January 2020, Accor opened the first international hotel in GIFT City.{{Cite web|url=https://www.traveldailymedia.com/accor-opens-the-first-international-hotel-in-gift-city/|title=Accor opens the first international hotel in GIFT City|date=2020-01-06|website=Travel Daily|language=en-US|access-date=2020-01-23|archive-date=15 February 2023|archive-url=https://web.archive.org/web/20230215050734/https://www.traveldailymedia.com/accor-opens-the-first-international-hotel-in-gift-city/|url-status=live}}
On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.{{Cite news|url=https://economictimes.indiatimes.com/markets/forex/gift-city-to-begin-trading-in-rupee-dollar-in-futures-market/articleshow/73444484.cms|title=GIFT City to begin trading in rupee-dollar in futures market|last=Das|first=Saikat|date=2020-01-20|work=The Economic Times|access-date=2020-01-23|archive-date=10 July 2020|archive-url=https://web.archive.org/web/20200710082602/https://economictimes.indiatimes.com/markets/forex/gift-city-to-begin-trading-in-rupee-dollar-in-futures-market/articleshow/73444484.cms|url-status=live}}
In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre.{{Cite news |title=The Economic Times: JPMorgan, Deutsche and MUFG's entry to give Gift City a big boost |url=https://economictimes.indiatimes.com/news/economy/finance/jpmorgan-deutsche-and-mufgs-entry-to-give-gift-city-a-big-boost/articleshow/92663771.cms |access-date=12 July 2022 |archive-date=12 July 2022 |archive-url=https://web.archive.org/web/20220712092647/https://economictimes.indiatimes.com/news/economy/finance/jpmorgan-deutsche-and-mufgs-entry-to-give-gift-city-a-big-boost/articleshow/92663771.cms |url-status=live }} Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty",{{Cite news |title=PM to launch SGX Nifty trade at GIFT |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/pm-to-launch-sgx-nifty-trade-at-gift/articleshow/92814613.cms |access-date=12 July 2022 |archive-date=12 July 2022 |archive-url=https://web.archive.org/web/20220712092756/https://economictimes.indiatimes.com/markets/stocks/news/pm-to-launch-sgx-nifty-trade-at-gift/articleshow/92814613.cms |url-status=live }} and India's first international bullion exchange was opened.{{Cite news |title=India's first international bullion exchange to be inaugurat .. |work=The Times of India |url=https://timesofindia.indiatimes.com/city/ahmedabad/ahmedabad-indias-first-international-bullion-exchange-to-be-inaugurated-on-july-15/articleshow/92735659.cms |access-date=12 July 2022 |archive-date=12 July 2022 |archive-url=https://web.archive.org/web/20220712155058/https://timesofindia.indiatimes.com/city/ahmedabad/ahmedabad-indias-first-international-bullion-exchange-to-be-inaugurated-on-july-15/articleshow/92735659.cms |url-status=live }}
In January 2025, Technip Energies started its operation in Fintechone tower.
Implementation
=Construction timeline=
File:Utility Tunnel GIFT City.jpg
Major construction events in GIFT City, Gujarat, India:
=Consultants=
- Owner - The Amazing
- Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
- Construction - AECOM India, L&T Infrastructure Engineering, CBRE India
- ICT Advisory Services - British Telecom
- Market Demand Assessment - McKinsey & Company
- Talent Demand Assessment - Hewitt Associates
- Environmental Assessment - IL&FS Ecosmart Ltd
- Process Management - IL&FS Infrastructure Development Corporation Ltd
- Power Management - ABB Group{{cite web |url=http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us |title=ABB will power up the world's biggest financial district |website=Abb.com |date=2008-08-13 |access-date=2017-01-03 |archive-date=24 August 2008 |archive-url=https://web.archive.org/web/20080824211853/http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us |url-status=live }}
- Ernst & Young - Advisory services to various aspects of GIFT City, such as legal and regulatory compliance, tax planning, and risk management.{{Cite web |title=How Budget 2023 has increased the attractiveness for IFSC, GIFT IFSC |url=https://www.ey.com/en_in/tax/india-tax-insights/how-budget-2023-has-increased-the-attractiveness-for-ifsc-gift-ifsc |access-date=2023-03-28 |website=www.ey.com |language=en-IN |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328062820/https://www.ey.com/en_in/tax/india-tax-insights/how-budget-2023-has-increased-the-attractiveness-for-ifsc-gift-ifsc |url-status=live }}
- KPMG - provides a consulting services to GIFT City for financial services, real estate, and infrastructure, which can be beneficial for clients operating in GIFT City.
- Deloitte - provides a tax planning, regulatory compliance, and risk management services to GIFT City.
- Grant Thornton - They offer a range of services, including accounting, tax, and advisory services, which can be beneficial for client{{Cite web |title=GIFT city - Grant Thornton|url=https://www.grantthornton.in/campaign/gujarat-international-finance-tec-city/ents operating in GIFT City.}}{{Cite web |title=GIFT city - Grant Thornton |url=https://www.ey.com/en_in/tax/india-tax-insights/how-budget-2023-has-increased-the-attractiveness-for-ifsc-gift-ifsc |access-date=28 March 2023 |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328062820/https://www.ey.com/en_in/tax/india-tax-insights/how-budget-2023-has-increased-the-attractiveness-for-ifsc-gift-ifsc |url-status=live }}{{Cite web |title=Gujarat International Finance Tec (GIFT) City |url=https://www.grantthornton.in/en/campaign/gujarat-international-finance-tec-city/ |access-date=2023-03-31 |website=Grant Thornton Bharat |language=en |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331060134/https://www.grantthornton.in/en/campaign/gujarat-international-finance-tec-city/ |url-status=live }}
=Status=
As part of Phase-I development, around {{convert|8.4|e6sqft|m2|order=flip}} of built-up area has already been allotted from the {{convert|13|e6sqft|m2|order=flip}} available for commercial, residential and social use.{{cite web |url=http://www.vibrantgujarat.com/DisplayNewsUpdate.htm?NewsUpdateId=121 |title=News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017 |website=Vibrantgujarat.com |access-date=2017-01-03 |archive-date=11 November 2014 |archive-url=https://web.archive.org/web/20141111222343/http://www.vibrantgujarat.com/DisplayNewsUpdate.htm?NewsUpdateId=121 |url-status=live }} On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around {{INRConvert|110|m|year=2019}} of investment.{{cite web|url=https://www.financialexpress.com/industry/immediate-priority-to-reach-30000-jobs-in-next-3-years-tapan-ray-managing-director-gift-city/1702395/|title=30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city|author=Rishi Iyengar|website=CNN|date=11 September 2019|access-date=9 January 2020|archive-date=20 September 2019|archive-url=https://web.archive.org/web/20190920201840/https://www.financialexpress.com/industry/immediate-priority-to-reach-30000-jobs-in-next-3-years-tapan-ray-managing-director-gift-city/1702395/|url-status=live}}
Divisions
| class="wikitable"
! Zones ! Area |
| style="background:#BCFFC5;"|SEZ - PA
|style="background:#BCFFC5;"|{{cvt|61.1829|ha}} |
| style="background:#BCFFC5;"|SEZ - N PA
|style="background:#BCFFC5;"|{{cvt|44.2557|ha}} |
| style="background:#BCFFC5;"|TOTAL (SEZ)
!style="background:#BCFFC5;"|{{cvt|105.4386|ha}} |
|---|
| style="background:#FFFFBB|DTA
|style="background:#FFFFBB|{{cvt|252.93|ha}} |
| style="background:#FFFBB|GRAND TOTAL
!style="background:#FFFBB|{{cvt|358.3686|ha}} |
The total area for the development of GIFT is {{convert|886|acre|order=flip}} out of which the SEZ (Special Economic Zone) constitutes {{convert|261|acre|order=flip}}. The project area under development can hence be classified under the SEZ area and the Non-SEZ area (also known as the Domestic Tariff area or the DTA).{{Cite web |title=GIFT City division |url=https://wtcgiftcity.org/attachments/project-update.pdf |website=wtcgiftcity.org |access-date=28 March 2023 |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328070204/https://wtcgiftcity.org/attachments/project-update.pdf |url-status=live }}{{Cite journal |last=ShivaniDarji2 |date=2020-05-09 |title=Gift city Presentation |url=https://www.slideshare.net/ShivaniDarji2/gift-city-presentation-233487679 |access-date=28 March 2023 |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328070205/https://www.slideshare.net/ShivaniDarji2/gift-city-presentation-233487679 |url-status=live }}
GIFT City is divided into two zones:
- Domestic Tariff Area (DTA): This zone is meant for domestic companies and is subject to Indian laws and regulations. Companies operating within this zone can cater to the domestic market and benefit from various tax incentives offered by the Indian government.
- Special Economic Zone (SEZ): This zone is meant for international companies and is designed to promote exports and foreign investments. Companies operating within this zone enjoy a range of incentives, including tax exemptions, duty-free imports and exports, and simplified regulatory procedures.The SEZ has been further divided into two zones: SEZ PA (Processing Area) and SEZ NPA (Non-Processing Area).
- The SEZ PA is the core of the GIFT City and is designed to provide state-of-the-art infrastructure to various financial institutions, banks, and other businesses. The SEZ PA comprises commercial buildings, residential towers, a convention centre, and a recreational area. This zone is primarily intended for businesses that require specialized infrastructure, tax incentives, and other benefits provided by the SEZ Act.
- On the other hand, the SEZ NPA is the area surrounding the SEZ PA and is intended to provide support services to the businesses operating in the SEZ PA. It includes residential apartments, hotels, hospitals, schools, and other support facilities.
The city is divided into the following divisions by area:
- International Financial Services Centre (IFSC): This division is the main focus of GIFT City and is India's first IFSC. It is designed to cater to the financial services industry and provides a world-class business environment.
- Domestic Finance Centre (DFC): This division is designed to cater to the needs of the domestic financial services industry. It provides a platform for the growth of Indian financial services companies.
- Multi-services SEZ: This division is a Special Economic Zone (SEZ) that provides a platform for companies to set up their businesses in various sectors such as IT/ITES, engineering, biotechnology, and pharmaceuticals.
- Social and Civic Infrastructure: This division provides world-class social and civic infrastructure to the residents of GIFT City, including schools, hospitals, and shopping centres.
- Residential Zone: This division provides residential properties to the people working in GIFT City. It is designed to provide a world-class living environment to the residents.
- Transit-Oriented Development (TOD): This division is designed to promote sustainable transportation and connectivity in GIFT City. It includes a network of roads, pedestrian walkways, and cycle tracks.
Tax benefits
GIFT City, through its International Financial Services Centre (IFSC), provides several tax benefits aimed at luring both domestic and international investments.{{Cite news |date=2022-08-29 |title=GIFT City explained: History & tax incentives of India's first 'Smart City' |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/gift-city-explained-history-tax-incentives-of-indias-first-smart-city/article65736969.ece |access-date=2023-06-20 |issn=0971-751X |archive-date=18 May 2023 |archive-url=https://web.archive.org/web/20230518082815/https://www.thehindu.com/business/gift-city-explained-history-tax-incentives-of-indias-first-smart-city/article65736969.ece |url-status=live }} These incentives include exemptions from certain taxes for companies under the new tax regime, tax holidays for specific sectors, and GST-free services for IFSC SEZ units. Further perks include various state subsidies and tax exemptions for exchanges established under the IFSC.{{Cite web |date=2023-06-16 |title=Tax Benefits for GIFT City: Unlocking India's Financial Potential |url=https://ashaval.com/tax-benefits-for-gift-city/ |access-date=2023-06-20 |language=en-US |archive-date=20 June 2023 |archive-url=https://web.archive.org/web/20230620101053/https://ashaval.com/tax-benefits-for-gift-city/ |url-status=live }}{{Cite web |date=2023-04-27 |title=GIFT City: A Game-changer for Indian Startup Ecosystem |url=https://razorpay.com/blog/business-banking/gift-city-a-game-changer-for-indian-startup-ecosystem/ |access-date=2023-06-20 |language=en-US |archive-date=20 June 2023 |archive-url=https://web.archive.org/web/20230620095552/https://razorpay.com/blog/business-banking/gift-city-a-game-changer-for-indian-startup-ecosystem/ |url-status=live }}
Liquor Policy in GIFT City
In December 2023, the Government of Gujarat authorized the controlled consumption of liquor within Gujarat International Finance Tec-City (GIFT City). This policy permits liquor to be served in restaurants, hotels, and clubs within GIFT City, but only to its permanent employees and their authorized visitors, as sanctioned by the respective companies' human resources departments. The sale of liquor bottles remains prohibited.{{Cite web |date=2023-12-26 |title=Liquor allowed in Gujarat's GIFT City, but is this the only game changer it needs? |url=https://www.indiatoday.in/india-today-insight/story/liquor-allowed-in-gujarats-gift-city-but-is-this-the-only-game-changer-it-needs-2479700-2023-12-26 |accessdate=2023-12-26 |publisher=India Today}}{{Cite web |title=Opinion: Gujarat Hub Turns "Ghost Town" After Work Hours. Solution: Liquor |url=https://www.ndtv.com/opinion/opinion-gujarat-hub-turns-ghost-town-after-work-hours-solution-liquor-4732449 |access-date=2023-12-26 |website=NDTV.com}}{{Cite web |last=www.ETRetail.com |title=Liquor in GIFT City: Industry leaders hail Gujarat govt's move as progressive, bold - ET Retail |url=https://retail.economictimes.indiatimes.com/news/food-entertainment/grocery/liquor-in-gift-city-industry-leaders-hail-gujarat-govts-move-as-progressive-bold/106245926 |access-date=2023-12-26 |website=ETRetail.com |language=en}}
Administration
= Gujarat International Finance Tec-City Company Limited =
The Government of Gujarat formed "Gujarat International Finance Tec-City Company Limited" (GIFTCL) to develop and implement GIFT City through its venture Gujarat Urban Development Company Limited (GUDCL). GIFT City is an {{convert|886|acre|adj=on|order=flip}} integrated project that creates 62 million square feet of built-up area, including 67% commercial space, 22% residential space and 11% community space.
= GIFT Managing Bodies =
For the purpose of implementation of the SEZ, GIFT Company Limited has set up an SPV (Special Purpose Vehicle) (100% subsidiary of GIFTCL) namely GIFT SEZ Ltd, designated as the developer organization of the SEZ. GIFTCL has also set up 5 subsidiary companies for the implementation of specialized infrastructure including Power, Water, ICT (Information & Communication Technology), District Cooling and solid waste management.
- Gift Power Company Limited
- Gift Waste Management Services Limited
- Gift Water Infrastructure Limited
- Gift ICT Services Limited
- Gift Collective Investment Management Company Limited
- Gift SEZ Limited
See also
References
{{reflist}}
External links
{{Commons category}}
- {{Official website}}
- [https://ifsca.gov.in/ International Financial Services Centres Authority]
- {{YouTube|YynCpCEEMYU|"Financial Centres Of The World 2020: Focus On GIFT City, Gujarat"}}
{{gujarat}}
{{Subject bar |book=GIFT City |portal3=India|commons=yes |commons-search=Category:GIFT City |n=yes |n-search=Category:GIFT City |wikt=yes |b=yes |q=yes |s=yes |v=yes |voy=yes |d=yes |d-search=Q2732118}}
{{Authority control}}
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Category:Proposed infrastructure in Gujarat
Category:Science and technology in Gujarat
Category:Financial districts in India
Category:Buildings and structures under construction in India
Category:Planned communities in India