- Tuesday, February 25, 2025
The GIFT City, which is located in Gandhinagar district of the state, is witnessing massive expansion in terms of infrastructure and its total land area will be around 3,400 acres after the work is completed, Patel said.
By: Shubham Ghosh
THE Gujarat International Finance Tec (GIFT) City is poised to become one of the premier international finance centres globally in the coming years, the state’s chief minister Bhupendra Patel has said.
The GIFT City, which is located in Gandhinagar district of the state, is witnessing massive expansion in terms of infrastructure and its total land area will be around 3,400 acres after the work is completed, Patel said in an email interview to the Press Trust of India ahead of the three-day Vibrant Gujarat Global Summit to be held in the state’s capital starting Wednesday (10).
Prime minister Narendra Modi will inaugurate the 10th edition of the event which he had started in 2003 as the then chief minister of Gujarat.
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“I firmly believe that the GIFT City is poised to become one of the world’s premier international financial centres in the coming years,” he said.
Patel said PM Modi’s vision for the GIFT City is to create a world-class financial, IT &ITeS and fintech hub to provide services to India and to the entire world.
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With this objective, as part of the international and national roadshows under the Vibrant Gujarat summit 2024, the state government held a series of meetings with leading global and national financial sector companies.
During these discussions, international companies from countries such as the UAE, Japan, Australia, Singapore and the US have expressed their interest in exploring investment opportunities in the GIFT-IFSC (International Financial Services Centre), he said.
Elaborating on the GIFT-IFSC, he said there are 580 operational entities in the IFSC.
Notable large-scale investments have already been flowing in GIFT-IFSC, including global players like Google, Bank of America, Morgan Stanley etc. International universities are setting up their campuses, IndiGo and Air India are starting aircraft leasing activities, SGX Nifty trading as GIFT Nifty, and India International Bullion Exchange IFSC Limited (IIBX) is being set up in the GIFT City, Patel said.
As part of the 10th edition of Vibrant Gujarat, a Global FinTech Leadership Forum is being organised at the GIFT City on January 10 wherein Modi will interact with the CEOs of top finance and technology institutions in a closed-door roundtable, he added.
The event, to be moderated by Kotak Mahindra Bank director Uday Kotak, will provide a platform to the CEOs of top finance and technology companies to share their views on the emerging fintech landscape globally, he said.
Patel also said that the Dholera Special Investment Region (SIR), with an area of 920 square kilometres, is poised to be the biggest industrial hub of the future.
“Dholera will serve as a central hub for cluster development, ensuring comprehensive connectivity through initiatives like a four-lane expressway, Metro rail, multi-modal transport, and the Bhimnath-Dholera Freight Rail Line. Notably, it houses a dedicated Semicon City, marking a significant stride for India’s semiconductor and display industry,” he said.
(With agency inputs)
