Gujarat's 'GIFT' to financial world is ready
By Quaid Najmi, Gandhinagar (Gujarat), March 13 : At least three leading Mumbai institutions will set up operations in the Gujarat International Finance Tec-City (GIFT City) and six nationalised banks will follow suit in India's first international financial services centre (IFSC) here.
The Financial Technologies Knowledge Management Co. Ltd (FTKMCL), The Institute of Cost Accounts of India (ICAI) and Narsee Monjee Education Trust (NMET) will set up training and academic institutions in the 886-acre GIFT City, coming up at a cost of Rs.78,000 crore.
FTKMCL will invest Rs.50 crore to develop a services training centre; the ICAI too will spend Rs.50 crore to build a centre of excellence while the NMET will set up a modern school at a cost of Rs.20 crore, GIFT City director-in-charge R.K. Jha told IANS.
During the Vibrant Gujarat Global Summit 2013, GIFT City signed a memorandum of understanding with a consortium of leading technology providers for the development of information communication and technology here.
Development activities in the GIFT City shifted to top gear after Gujarat Chief Minister Narendra Modi inaugurated the state's tallest 29-storey tower at the complex two months ago, making it the country's first IFSC.
Many companies, which have booked space in the 700,000 sq ft building, constructed at a cost of Rs.1,000 crore, will start operations by April, followed by the inauguration of the second twin tower in May.
"Creating a global financial hub is imperative for economic growth and will help bring more jobs and creating more business in India. An IFSC will help achieve this objective and simultaneously catapult India on the global financial hub map," said Jha.
GIFT City plans to garner up to 10 percent of the financial services potential in India by creating one million direct and indirect jobs in the next 10 years, thanks to the 90-million square feet of commercial, residential and social facilities offering an excellent quality of life, he said.
GIFT City also aspires to become an operations hub for national financial services, a regional or functional headquarters for banking, financial services and insurance (BFSI) players and a private banking hub for non-resident Indians and regional high net worth individuals.
It is also targeting to become an international micro-finance hub and a global information technology and business process outsourcing hub for the financial services sector.
According to Jha, GIFT City, being developed jointly with the Infrastructure Leasing and Financial Services Ltd, will help realise the vision of promoting Gujarat as a global financial services centre offering the best of world-class infrastructure.
(Quaid Najmi can be contacted at email@example.com)