Gujarat's GIFT city poised for global financial hub status

11 Jan 2024 CW Team

The development along the GIFT City riverfront includes the creation of an international-level retail, recreation, and entertainment zone. Patel stated that metro connectivity to GIFT City is scheduled to be operational by mid-2024.

Expressing confidence in GIFT City's potential, Patel highlighted Prime Minister Narendra Modi's vision to establish a world-class financial, IT &ITeS, and fintech hub catering to India and the global community.

As part of the Vibrant Gujarat Global Summit (VGGS) 2024, the state government engaged in discussions with leading global and national financial sector companies during international and national roadshows. Companies from countries such as the UAE, Japan, Australia, Singapore, and the US have shown interest in exploring investment opportunities in the GIFT-IFSC, Patel revealed.

Providing insights into GIFT-IFSC, Patel mentioned the presence of 580 operational entities, with significant investments from global players like Google, Bank of America, and Morgan Stanley. International universities, airlines like IndiGo and Air India, and entities like India International Bullion Exchange IFSC Limited (IIBX) are also making their presence felt in GIFT City.

The upcoming 10th edition of VGGS will host a Global FinTech Leadership Forum at GIFT City on January 10, where PM Modi will interact with the CEOs of top finance and technology institutions. Patel noted that this closed-door roundtable, moderated by Uday Kotak, Director of Kotak Mahindra Bank, will provide a platform for leaders to discuss the emerging fintech landscape globally.

Patel emphasised the significance of the Dholera Special Investment Region (SIR), spanning 920 sq km, as the future's largest industrial hub. Dholera is positioned to become a central hub for cluster development, with comprehensive connectivity through initiatives like a four-lane expressway, Metro rail, multi-modal transport, and the Bhimnath-Dholera Freight Rail Line.

Proudly stating that 48% of Gujarat's total electricity generation installed capacity is from renewable energy, Patel highlighted the state's role as a powerhouse in renewable energy and green hydrogen. Gujarat aims to add 30 GW through the world's largest hybrid solar and wind park in Kachchh by 2025.

Furthermore, Patel revealed that the government is actively engaging with leading semiconductor companies globally, inviting them to invest in Gujarat. The recently introduced Gujarat Semiconductor Policy (2022-27) positions the state as the first in India with a dedicated policy for the semiconductor sector. The establishment of the Gujarat State Electronics Mission aims to support and attract global investors for fostering semiconductor innovation and development. Micron has chosen Gujarat for its manufacturing facility, recognising the state's robust infrastructure, business-friendly environment, and access to a well-planned talent pool.

Gujarat Chief Minister Bhupendra Patel envisions the Gujarat International Finance Tec (GIFT) City as a leading global financial centre in the coming years. The city, situated in Gandhinagar, is undergoing substantial infrastructure expansion, with the total land area expected to reach approximately 3,400 acres, Patel mentioned in an email interview with PTI ahead of the Vibrant Gujarat Global Summit. The development along the GIFT City riverfront includes the creation of an international-level retail, recreation, and entertainment zone. Patel stated that metro connectivity to GIFT City is scheduled to be operational by mid-2024. Expressing confidence in GIFT City's potential, Patel highlighted Prime Minister Narendra Modi's vision to establish a world-class financial, IT &ITeS, and fintech hub catering to India and the global community. As part of the Vibrant Gujarat Global Summit (VGGS) 2024, the state government engaged in discussions with leading global and national financial sector companies during international and national roadshows. Companies from countries such as the UAE, Japan, Australia, Singapore, and the US have shown interest in exploring investment opportunities in the GIFT-IFSC, Patel revealed. Providing insights into GIFT-IFSC, Patel mentioned the presence of 580 operational entities, with significant investments from global players like Google, Bank of America, and Morgan Stanley. International universities, airlines like IndiGo and Air India, and entities like India International Bullion Exchange IFSC Limited (IIBX) are also making their presence felt in GIFT City. The upcoming 10th edition of VGGS will host a Global FinTech Leadership Forum at GIFT City on January 10, where PM Modi will interact with the CEOs of top finance and technology institutions. Patel noted that this closed-door roundtable, moderated by Uday Kotak, Director of Kotak Mahindra Bank, will provide a platform for leaders to discuss the emerging fintech landscape globally. Patel emphasised the significance of the Dholera Special Investment Region (SIR), spanning 920 sq km, as the future's largest industrial hub. Dholera is positioned to become a central hub for cluster development, with comprehensive connectivity through initiatives like a four-lane expressway, Metro rail, multi-modal transport, and the Bhimnath-Dholera Freight Rail Line. Proudly stating that 48% of Gujarat's total electricity generation installed capacity is from renewable energy, Patel highlighted the state's role as a powerhouse in renewable energy and green hydrogen. Gujarat aims to add 30 GW through the world's largest hybrid solar and wind park in Kachchh by 2025. Furthermore, Patel revealed that the government is actively engaging with leading semiconductor companies globally, inviting them to invest in Gujarat. The recently introduced Gujarat Semiconductor Policy (2022-27) positions the state as the first in India with a dedicated policy for the semiconductor sector. The establishment of the Gujarat State Electronics Mission aims to support and attract global investors for fostering semiconductor innovation and development. Micron has chosen Gujarat for its manufacturing facility, recognising the state's robust infrastructure, business-friendly environment, and access to a well-planned talent pool.