Introduction
India is one of the fastest growing economies in the world and a large user of the International Financial Services. As India seeks to expand its economic and strategicactivitiesglobally,adedicatedInternational Financial Services Centre (IFSC) will provide a platform to undertake these services efficiently.
In April 2015 the Government of India took the initiative to develop an IFSC at Gujarat International Finance Tec-City (GIFTCity)a SpecialEconomicZone (SEZ) to help India realize its potential in the international financial services industry. GIFT City IFSC provides a strategic location to develop an efficient platform for all inbound and outbound foreign currency transactions.
The Government of Gujarat through its undertaking Gujarat Urban Development Company Limited (“GUDCL”) has established “Gujarat International Finance Tec-City Company Limited” (“GIFTCL”) to develop and implement GIFT City. GIFT City is an integrated development on 886 acres of land with a plan to develop 62 million sq. ft. of Built Up area constitutedof commercialspace of 67%, residential space of 22% and social space of 11%.
GIFT City consist of a conducive Multi-Service SEZ and an exclusive Domestic Tariff Area (DTA), Total area of 261 acres has been demarcated as SEZ and additional 625 acres has been marked as DTA. This City is a vertical city which will optimize land area consumptionfordevelopment.Thecityislocatedon the banks of River Sabarmati connecting the Businesscapital(Ahmedabad)andPoliticalcapital
(Gandhinagar) of Gujarat State. The city has seamless transport connectivity internally and connectedtodifferentpartsoftheworldthrough Ahmedabad International Airport situated just 20 Kms away.
The futuristic infrastructure development at GIFT City has won several awards and accolades atvariousforums.TheinfrastructuredevelopedinGIFT City, such as District Cooling System (DCS), Automated Waste Collection System (AWCS), and Underground Utility Tunnel contribute to making of the city as world’s leading Smart city.
Social infrastructure in the city includes an International school, Medical facilities, proposed hospital, International Exhibition Complex, GIFT City Business club with Indoor and outdoor sportsfacility, recreation area, multi cuisine restaurants. It also includes a 5-star hotel and integrated well- plannedresidentialhousingprojectsmakingthisCity a truly “Walk to Work” City.
GIFT IFSC Ranked 1st in the Sept 2020 report by the GlobalFinancialCentres Index, London asoneof the IFSC which could become more significant in next few years.
GIFT City is a well-planned, smart, technology- enabled city, with world-class office and residential facilities developing to become a financial and technology gateway of India.
Business Hub for International and Domestic Operations
Story
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