In the near future, various projects, including a riverfront, Central Park, and Lilavati Hospital, will also be operational in GIFT City
FinTech BizNews Service
Mumbai, 16 October, 2024: Under the visionary leadership of Chief Minister Shri Bhupendra Patel, Gujarat is celebrating "Vikas Saptah" with great enthusiasm, reflectingm Minister Shri Narendra Modi's remarkable 23-year journey of transformative achievements. Gujarat has proudly emerged as a model state for the entire nation. As India strides toward a promising future, Gandhinagar's GIFT City, the visionary dream project of Prime Minister and former Gujarat Chief Minister Shri Narendra Modi, plays a crucial role in shaping the vision of a Viksit Bharat@2047
Gujarat International Finance Tec-City (GIFT City), located along the Sabarmati River between Ahmedabad and Gandhinagar, has been developed as a landmark initiative by the Gujarat government with support from the Government of India. GIFT City has emerged as India’s first operational smart city and International Financial Services Centre (IFSC), playing a defining role in the country's financial landscape. Established in 2007 under the visionary leadership of Prime Minister Shri Narendra Modi, during his tenure as Chief Minister of Gujarat, GIFT City was designed to position India as a global financial hub, comparable to major economic centres such as New York, London, Tokyo, Paris, Singapore, and Dubai.
Spanning across 886 acres in Gandhinagar, GIFT City is being developed as a meticulously planned, technology-driven smart city, offering world-class commercial, residential, and social infrastructure. It is home to India’s only International Financial Services Centre (IFSC) and Domestic Tariff Area (DTA) within its Multi-Service Special Economic Zone (SEZ). Around 20 buildings are operational, with several additional projects in progress. The city's growing prominence, coupled with the Gujarat government's pro-business policies, has attracted numerous national and international companies. To date, over 700 businesses have established operations in GIFT City, creating approximately 25,000 direct and indirect employment opportunities.
GIFT City is equipped with cutting-edge infrastructure, including a district cooling system, automated waste collection, underground utility tunnels, and green transportation facilities. Additionally, the city offers a wide range of social amenities, including schools, medical services, indoor and outdoor sports facilities, a business club, entertainment options, a five-star hotel, supermarkets, and multi-cuisine restaurants. Complementing its commercial development, well-planned residential housing projects are also underway, establishing GIFT City as a true "walk-to-work" destination. The city is seamlessly connected by metro services, with a domestic and international airport just 20 minutes away, a railway station 15 minutes away, and direct access to national highways, providing an ideal environment for business growth.
India's only International Financial Services Centre (IFSC) at GIFT City is establishing a distinct presence among the world's leading financial centers, with expectations of reaching a superior position in the Global Financial Centers Index (London) in the upcoming years. GIFT City offers corporates invaluable access to global benchmarks, a dynamic business ecosystem, and single-window facilities for seamless investment. Additionally, it has earned the prestigious recognition of being India's first platinum-rated city for greenfield smart cities. GIFT City hosts a diverse array of financial services, including capital markets, offshore insurance, offshore banking, asset management, alternative investment funds, aircraft and ship leasing, ancillary services, and two international stock exchanges, as well as an international bullion exchange, alongside various national and international banking entities
GIFT City is a significant financial hub, housing a total of 28 banking units. This includes prestigious foreign banks such as Bank of America, DBS, Deutsche Bank, HSBC, MUFG Bank, Barclays, JP Morgan Chase, BNP Paribas, Standard Chartered Bank, Citibank, and New Development Bank. The city also features major Indian banks, including SBI, Federal Bank, IDBI Bank, HDFC Bank, Kotak Mahindra, ICICI, Bank of India, Bank of Baroda, Indian Bank, RBL Bank, IndusInd Bank, Axis Bank, and Yes Bank. Furthermore, GIFT City is home to 35 insurance companies, comprising renowned names such as Alliance, General Insurance Corporation, ICICI Lombard General Insurance, New India Assurance Company, Life Insurance Corporation (LIC), Canara HSBC, HDFC Life, National Insurance, Aditya Birla Capital, and Alliance Insurance Brokers
Additionally, GIFT City hosts 24 aircraft leasing and financing entities, 12 ship leasing companies, 1 bullion exchange, over 55 fintech companies, more than 130 alternative investment funds, 124 fund management companies, 2 international stock exchanges, and over 70 ancillary service providers. The city is also home to foreign universities such as Deakin University and the University of Wollongong, as well as major companies like Google, IBM, Capgemini, Oracle, TCS, Cybage, and Maxim Integrated. In the near future, various projects, including a riverfront, Central Park, and Lilavati Hospital, will also be operational in GIFT City.
