GIFT City

Last updated

GIFT City
City
Gujarat International Finance-Tec City
Drone view of GIFT City.svg
Drone view
Night view of GIFT City 1.svg
Night view
BRIGADE INTERNATIONAL FINANCIAL CENTRE, GIFT City.svg
BIFC
TIER - IV Data Centre, GIFT City.svg
TIER - IV Data Centre
GIFT One & Two Tower.svg
GIFT One & Two Tower
GIFT One Tower.svg
GIFT One Tower
BSE Brokers Forum, GIFT City.svg
BSE Brokers Forum
Gift City logo.svg
GIFT City
GIFT City
GIFT City
GIFT City
GIFT City
Map of GIFT City
CountryFlag of India.svg  India
State Gujarat
District Gandhinagar
Administrative division
Metro Ahmedabad Metro
Establishment10 April 2015
Founded by Narendra Modi
Government
 • BodyGujarat International Finance Tec-City Company Limited
Area
 • Total15.5 km2 (6.0 sq mi)
Language
 • Official Gujarati, Hindi, English
Time zone UTC+5:30 (IST)
Pincode(s)
382426
Area code 091
Website www.giftgujarat.in OOjs UI icon edit-ltr-progressive.svg

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. [1] [2] As of June 2023, it is home to 23 multi-national banks, including HSBC, JP Morgan, and Barclays. 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. [3] [4]

Contents

The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport. [5] [6] [7] [8] 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[ clarification needed ] for construction, which would connect GIFT City to the Ahmedabad Metro network. This is expected to be completed by March 2024. [9] [10] The total area for the development of GIFT is 359 hectares (886 acres) out of which the special economic zone (SEZ) constitutes 106 hectares (261 acres). 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). [11]

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. [12]

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). [13]

History

Prime Minister Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City. 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
Prime Minister Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City.

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. [16]

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. [17]

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. [18]

BSE Broker's Forum planned to invest ₹ 1.2 billion (equivalent to ₹1.7 billionorUS$20 million in 2023) to build a commercial tower to set up back-office operations. They were allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower with the likelihood of setting up an exchange office. [19]

According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest ₹5 billion (equivalent to ₹8.0 billionorUS$96 million in 2023) over the next few years to develop 0.10 million square metres (1.1 million square feet) of built-up area with a future option of investing another ₹6 billion (equivalent to ₹9.6 billionorUS$110 million in 2023) to develop 0.16 million square metres (1.7×10^6 sq ft). [20]

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. [21] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹320 million (equivalent to ₹380 millionorUS$4.5 million in 2023) equity value to the state government. [22]

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. [23]

On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT. [24]

On 6 January 2020, Accor opened the first international hotel in GIFT City. [25]

On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market. [26]

In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre. [27] Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty", [28] and India's first international bullion exchange was opened. [29]

Implementation

Construction timeline

Utility Tunnel at GIFT City Utility Tunnel GIFT City.jpg
Utility Tunnel at GIFT City

Major construction events in GIFT City, Gujarat, India:

Consultants

Status

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of built-up area has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) available for commercial, residential and social use. [40] On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around ₹110 million (equivalent to ₹140 millionorUS$1.6 million in 2023) of investment. [44]

Divisions

GIFT City Divisions GIFT City Map.svg
GIFT City Divisions
ZonesArea
SEZ - PA61.1829 ha (151.186 acres)
SEZ - N PA44.2557 ha (109.358 acres)
TOTAL (SEZ)105.4386 ha (260.544 acres)
DTA252.93 ha (625.0 acres)
GRAND TOTAL358.3686 ha (885.548 acres)

The total area for the development of GIFT is 359 hectares (886 acres) out of which the SEZ (Special Economic Zone) constitutes 106 hectares (261 acres). 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). [45] [46]

GIFT City is divided into two zones:

  1. 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.
  2. 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).
    1. 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.
    2. 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:

Tax benefits

GIFT City, through its International Financial Services Centre (IFSC), provides several tax benefits aimed at luring both domestic and international investments. [47] 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. [48] [49]

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. [50] [51] [52]

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 359-hectare (886-acre) 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. [8]

See also

Related Research Articles

A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.

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<span class="mw-page-title-main">National Stock Exchange of India</span> Indian securities marketplace

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<span class="mw-page-title-main">International Financial Services Centre, Dublin</span> Financial centre in Dublin, Ireland

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<span class="mw-page-title-main">NIFTY 50</span> Indian stock market index

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<span class="mw-page-title-main">Economy of Gujarat</span>

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<span class="mw-page-title-main">India International Exchange</span> Indias first international exchange

The India International Exchange Limited (India INX) is India's first international stock exchange which is launched as a subsidiary of the Bombay Stock Exchange (BSE). It is located at the International Financial Services Centre, GIFT City in Gujarat.

<span class="mw-page-title-main">International Financial Services Centres Authority</span> Financial regulatory authority in India

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<span class="mw-page-title-main">GIFT International Financial Services Centre</span> International Financial Services Centre in GIFT City

The GIFT International Financial Services Centre is a financial centre and special economic zone in Gujarat International Finance Tec-City covering 106 ha established in April 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. GIFT IFSC is regulated by the International Financial Services Centres Authority, an independent regulator exclusive to the zone.

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GIFT Nifty is an Indian stock market index derivative product that serves as an indicator for NSE's benchmark index NIFTY 50. It was rebranded from the erstwhile SGX Nifty and shifted to the new international exchange–NSE IFSC in GIFT City, Gandhinagar, Gujarat. Trading under new name began on July 3, 2023.

InFinity Forum 2.0 also called 2nd InFinity Forum, is the second edition of the International Financial Services Centres Authority (IFSCA)'s financial technology (FinTech) summit. It was held on December 9, 2023, in Gujarat International Finance Tec-City, Gujarat, India.

References

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