GIFT City giving India new identity on global stage: Gujarat CM
Gandhinagar, August 11
Gujarat Chief Minister Bhupendra Patel on Tuesday stated that GIFT City has become a powerful instrument for advancing Prime Minister Narendra Modi's vision of making the country's financial sector global.
"As India moves towards becoming the world's third-largest economy following the directives of the Prime Minister, the country's only International Financial Services Centre (IFSCA) and Bullion Exchange at GIFT City are giving further momentum to this growth," he said.
He said GIFT City, India's first financial tech city, is giving the country new identity on global stage
He highlighted that GIFT City is continuously expanding across sectors such as banking, insurance, asset management, capital market services, fund management, fintech, aircraft leasing, and ship leasing.
The Chief Minister was addressing the gathering at the inauguration of the Global Connect (Gujarat International Finance Tec-City) GIFT City Edition, jointly organised by HSBC and NDTV at GIFT City, according to a release.
He said that the place, once known only for farms and the Sabarmati River's ravines, is now home to world-class financial institutions. He said GIFT City's development is a great example of how the Prime Minister's visionary approach is being realised.
He stated that the Union Budget provides special incentives for industries setting up in GIFT City. The extension of the tax holiday from 10 to 20 years will give investors greater confidence to invest in GIFT City. The Budget also focuses on sectors such as infrastructure, advanced technology, semiconductors, data centres, and Artificial Intelligence (AI).
The Gujarat Government has allocated around 39% of its total budget this year to capital expenditure. He said that AI is no longer limited to technology and is transforming sectors such as banking, risk management, and wealth management. He added that the 'AI Centre of Excellence' at GIFT City has emerged as a strong platform bringing together innovative solutions, experts, businesses, and startups.
He emphasised that GIFT City has immense potential in areas such as green bonds, sustainable finance, climate finance, and renewable energy financing, supporting Prime Minister Shri Narendra Modi's vision of 'Green Growth' in addressing global warming and climate change.
— ANI
Reader Comments
The extension of tax holiday from 10 to 20 years is a smart move. It will definitely attract more foreign investors. But I hope the benefits reach the common people too - more jobs, better infrastructure, and opportunities for our youth.
As someone who has worked in global financial hubs like Singapore and Dubai, I can see the potential in GIFT City. With the right regulatory framework and incentives, India can definitely compete with established financial centers. The AI Centre of Excellence is a step in the right direction.
Great initiative by the Gujarat government! But let's also focus on sustainable development. Green bonds and climate finance are mentioned - that's excellent. We need to balance rapid growth with environmental responsibility. Kudos to the CM for highlighting this aspect.
While this is impressive, I wish we could see more transparency in execution. The concept is brilliant - aircraft leasing, ship leasing, fintech - all future industries. But will the common taxpayer benefit? Despite incentives, the cost of doing business in India is still high. Hope the results match the vision.
GIFT City is giving me pride as an Indian. Finally, we are not just back-office support for the world but competing on the global stage. The bullion exchange is doing great business. With 39% of Gujarat budget on capital expenditure, things are looking up for the state.
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