GIFT City explained

GIFT City
Settlement Type:City
Image Blank Emblem:Gift City logo.svg
Subdivision Type:Country
Subdivision Name: India
Subdivision Type1:State
Subdivision Type2:District
Subdivision Name1:Gujarat
Subdivision Name2:Ahmedabad
Established Title:Establishment
Established Date:10 April, 2015
Founder:Narendra Modi
Governing Body:Gujarat International Finance Tec-City Company Limited
Unit Pref:Ahmedabad Metro
Area Total Km2:15.5
Timezone1:IST
Utc Offset1:+5:30
Postal Code Type:Pincode(s)
Postal Code:382426
Area Code:091
Demographics Type1:Language
Demographics1 Title1:Official
Demographics1 Info1:Gujarati, Hindi, English
Official Name:Gujarat International Finance-Tec City
Subdivision Type3:Administrative division
Subdivision Name3:
Subdivision Name4:Ahmedabad Metro
Subdivision Type4:Metro
Blank Emblem Size:150px

Gujarat International Finance Tec-City, also called GIFT City, is a central business district under construction in the Ahmedabad district 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]

The city is located on the banks of the Sabarmati River and is around 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 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 886acres out of which the special economic zone (SEZ) constitutes 261acres. 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

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.[14]

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.[15]

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.[16]

BSE Broker's Forum planned to invest to build a commercial tower to set up back-office operations. They were allocated 300000square feet to develop the commercial tower with the likelihood of setting up an exchange office.[17]

According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest over the next few years to develop 1.1abbr=offNaNabbr=off of built-up area with a future option of investing another to develop 1.7e6sqft.[18]

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.[19] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for equity value to the state government.[20]

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.[21]

On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.[22]

On 6 January 2020, Accor opened the first international hotel in GIFT City.[23]

On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.[24]

In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre.[25] Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty",[26] and India's first international bullion exchange was opened.[27]

Implementation

Construction timeline

Major construction events in GIFT City, Gujarat, India:

Timeline
2007:
  • The Gujarat International Finance Tec-City (GIFT City) project is announced by the Government of Gujarat as an ambitious plan to develop a world-class financial and business district in Gujarat.
  • Construction of GIFT City begins.

2008:

  • Land acquisition for the GIFT City project begins. The government acquires about 886acres of land near Gandhinagar, the capital of Gujarat.[28]
  • The project receives approval from the Union Cabinet, which marks the formal beginning of the project.[29]

2009:

  • GIFT SEZ area is notified.

2010:

  • Construction begins on the first phase of the GIFT City project, which includes the development of basic infrastructure such as roads, water supply, drainage, and sewage systems.
  • The first tower, called GIFT One, is inaugurated. The 29-storey building is built by the IL&FS (Infrastructure Leasing & Financial Services) group and serves as the headquarters for many financial companies.

2012:

  • The first phase of the GIFT City project is completed, which includes the development of basic infrastructure and the construction of the GIFT One tower.[30]
  • GIFT City is formally inaugurated by then-Prime Minister of India, Dr. Manmohan Singh.
  • GIFT City's first operational bank, Bank of Baroda, begins its operations.

2013:

  • Construction begins on the second phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as schools, hospitals, and retail spaces.
  • The GIFT SEZ (Special Economic Zone) is notified by the government, which allows companies operating within the zone to enjoy tax and other benefits.
  • GIFT City's first IFSC tower, GIFT One Tower A, is inaugurated.[31]

2014:

2015:

  • The second phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure.
  • The first IFSC (International Financial Services Centre) tower, called GIFT Two, is inaugurated. The 28-storey building is built by the IL&FS group and serves as the hub for international financial services companies.
  • Construction of GIFT City's first data centre, owned by Netmagic, is completed.

2016:

2017:

  • Construction begins on the third phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as parks and open spaces.
  • The GIFT SEZ is granted formal approval by the government, which enables companies operating within the zone to enjoy more benefits and incentives.

2019:

  • The third phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure.
  • The second IFSC tower, called GIFT Three, is inaugurated. The 30-storey building is built by the IL&FS group and serves as a hub for international financial services companies.

2021:

  • Construction begins on the fourth and final phase of the GIFT City project, which includes the development of a retail and entertainment zone, a convention centre, and residential towers.
  • The GIFT City project is awarded the "Smart City of the Year" award by the National Institute of Urban Affairs, which recognizes the city's innovative use of technology, sustainability, and urban planning.

2023:

  • Google to open global fintech operation centre at GIFT City[32] [33]
  • SGX Nifty was renamed as GIFT Nifty and started its trading operation from Gift City from the date 3 July 2023. It is a collaboration of Singapore Exchange and NSE India.[34] [35]

Consultants

Status

As part of Phase-I development, around 8.4e6sqft of built-up area has already been allotted from the 13e6sqft available for commercial, residential and social use.[41] On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around of investment.[42]

Divisions

ZonesArea
SEZ - PA
SEZ - N PA
TOTAL (SEZ)
DTA
GRAND TOTAL
The total area for the development of GIFT is 886acres out of which the SEZ (Special Economic Zone) constitutes 261acres. 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).[43] [44]

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.[45] 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.[46] [47]

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.[48] [49] [50]

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 886acres 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

External links

Notes and References

  1. Web site: Reporter . B. S. . 2017-10-03 . GIFT City's IFSC bags 10th place in Global Financial Centres Index . 2023-03-22 . www.business-standard.com . en . 22 April 2023 . https://web.archive.org/web/20230422043959/https://www.business-standard.com/article/markets/gift-city-s-ifsc-bags-10th-place-in-global-financial-centres-index-117100200495_1.html . live .
  2. Web site: S . Rajalakshmi . 2017-10-02 . GIFT-IFSC ranks at 10th place in Global Financial Centres Index . 2023-03-22 . www.thehindubusinessline.com . en . 22 April 2023 . https://web.archive.org/web/20230422050134/https://www.thehindubusinessline.com/markets/giftifsc-among-top-15-global-financial-centres/article9883732.ece . live .
  3. Web site: Why Google Chose Gujarat For Its Global Fintech Operations Hub . 2023-06-29 . Forbes India . en . 29 June 2023 . https://web.archive.org/web/20230629093421/https://www.forbesindia.com/article/news/why-google-chose-gujarat-for-its-global-fintech-operations-hub/86119/1 . live .
  4. Web site: Google To Set Up A Centre In GIFT City — Will This Boost The Fintech Ecosystem In India? . 2023-06-26 . Forbes India . en . 26 June 2023 . https://web.archive.org/web/20230626181448/https://www.forbesindia.com/audio/to-the-point/google-to-set-up-a-centre-in-gift-city-will-this-boost-the-fintech-ecosystem-in-india/86133 . live .
  5. Web site: THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT). www.gudcltd.com. en. 2018-02-02. 9 June 2019. https://web.archive.org/web/20190609031628/http://gudcltd.com/gujarat-international-finance-tech-city. dead.
  6. Web site: GIFT makes steady progress; witnesses a 'hockey stick growth curve'. www.businesstoday.in. 17 January 2018. 1 November 2018. 25 June 2018. https://web.archive.org/web/20180625021957/https://www.businesstoday.in/sectors/infra/gift-city-gujarat-international-finance-tec-city-jobs-companies-offices/story/268278.html. live.
  7. News: More gifts for GIFT City may stop flight of capital to Singapore. Subramanian. N. Sundaresha. 2018-02-01. The Economic Times. 2018-02-02. 24 June 2018. https://web.archive.org/web/20180624211238/https://economictimes.indiatimes.com/markets/stocks/news/more-gifts-for-gift-city-might-stop-flight-of-capital-to-singapore/articleshow/62744143.cms. live.
  8. Web site: Developments of Ahmedabad . 14 September 2018 . 31 December 2019 . https://web.archive.org/web/20191231110610/https://www.nationsroot.in/member/ahmedabad-west-mp-dr-kirit-p-solanki . dead .
  9. Web site: Gujarat International Finance Tec-City to have its own metro stations . https://web.archive.org/web/20131105151056/http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha . dead . 2013-11-05 . . 2017-01-03.
  10. Web site: Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details. 2019-11-18. The Financial Express. en-US. 2020-01-23. 19 November 2019. https://web.archive.org/web/20191119134942/https://www.financialexpress.com/infrastructure/ahmedabad-gandhinagar-metro-rail-work-on-phase-2-of-the-project-to-begin-in-june-2020-details/1767787/. live.
  11. News: Rodrigues . Jeanette . Sircar . Subhadip . India's Free-Market Oasis Aims to Take On Singapore and Dubai . 29 November 2022 . . 29 November 2022 . en . 29 November 2022 . https://web.archive.org/web/20221129022329/https://www.bloomberg.com/news/features/2022-11-29/which-city-will-be-next-singapore-or-dubai-new-india-finance-hub-has-big-plans . live .
  12. News: Langa . Mahesh . 7 November 2023 . Two Australian Universities open in GIFT City . The Hindu . 7 November 2023.
  13. Web site: Gujarat International Finance Tec-City . GIFT City . 30 March 2023 . 5 April 2023 . https://web.archive.org/web/20230405101925/https://gift-web-assets.s3.ap-south-1.amazonaws.com/RTI-08Aug2022.pdf . live .
  14. Web site: Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times . Articles.economictimes.indiatimes.com . 2011-12-15 . 2017-01-03 . 22 January 2012 . https://web.archive.org/web/20120122014757/http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector . live .
  15. Web site: China's Huawei to provide tech for GIFT . https://web.archive.org/web/20120116131308/http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis . dead . 2012-01-16 . . 2017-01-03.
  16. Web site: GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian . Netindian.in . 2014-10-02 . 2017-01-03 . 8 November 2014 . https://web.archive.org/web/20141108070916/http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development . live .
  17. Web site: BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis . Dnaindia.com . 2014-10-15 . 2017-01-03 . 18 November 2014 . https://web.archive.org/web/20141118164007/http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420 . live .
  18. Web site: Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India . Timesofindia.indiatimes.com . 2014-10-18 . 2017-01-03 . 20 October 2014 . https://web.archive.org/web/20141020175522/http://timesofindia.indiatimes.com/Business/India-Business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms . live .
  19. Web site: Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani. The Wire. 29 January 2019. 27 November 2018. https://web.archive.org/web/20181127114848/https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani. live.
  20. News: 2020-06-08. IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore. The Economic Times. 2020-06-09. 21 June 2020. https://web.archive.org/web/20200621050340/https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms. live.
  21. Web site: Boost for AIF biz at Gift city as top fund administrator gets license. Rajesh. Bhayani. 14 January 2019. Business Standard. 29 January 2019. 29 January 2019. https://web.archive.org/web/20190129181319/https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html. live.
  22. News: Bank of America opens Global Business Services Center at GIFT-IFSC. Umarji. Vinay. 2019-12-06. Business Standard India. 2020-01-23. 14 January 2020. https://web.archive.org/web/20200114144851/https://www.business-standard.com/article/finance/bank-of-america-opens-global-business-services-center-at-gift-ifsc-119120601155_1.html. live.
  23. Web site: Accor opens the first international hotel in GIFT City. 2020-01-06. Travel Daily. en-US. 2020-01-23. 15 February 2023. https://web.archive.org/web/20230215050734/https://www.traveldailymedia.com/accor-opens-the-first-international-hotel-in-gift-city/. live.
  24. News: GIFT City to begin trading in rupee-dollar in futures market. Das. Saikat. 2020-01-20. The Economic Times. 2020-01-23. 10 July 2020. https://web.archive.org/web/20200710082602/https://economictimes.indiatimes.com/markets/forex/gift-city-to-begin-trading-in-rupee-dollar-in-futures-market/articleshow/73444484.cms. live.
  25. News: The Economic Times: JPMorgan, Deutsche and MUFG's entry to give Gift City a big boost . 12 July 2022 . 12 July 2022 . https://web.archive.org/web/20220712092647/https://economictimes.indiatimes.com/news/economy/finance/jpmorgan-deutsche-and-mufgs-entry-to-give-gift-city-a-big-boost/articleshow/92663771.cms . live .
  26. News: PM to launch SGX Nifty trade at GIFT . The Economic Times . 12 July 2022 . 12 July 2022 . https://web.archive.org/web/20220712092756/https://economictimes.indiatimes.com/markets/stocks/news/pm-to-launch-sgx-nifty-trade-at-gift/articleshow/92814613.cms . live .
  27. News: India's first international bullion exchange to be inaugurat .. . The Times of India . 12 July 2022 . 12 July 2022 . https://web.archive.org/web/20220712155058/https://timesofindia.indiatimes.com/city/ahmedabad/ahmedabad-indias-first-international-bullion-exchange-to-be-inaugurated-on-july-15/articleshow/92735659.cms . live .
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  48. Web site: 2023-12-26 . Liquor allowed in Gujarat's GIFT City, but is this the only game changer it needs? . 2023-12-26 . India Today.
  49. Web site: Opinion: Gujarat Hub Turns "Ghost Town" After Work Hours. Solution: Liquor . 2023-12-26 . NDTV.com.
  50. Web site: www.ETRetail.com . Liquor in GIFT City: Industry leaders hail Gujarat govt's move as progressive, bold - ET Retail . 2023-12-26 . ETRetail.com . en.

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