GIFT City: India's Gateway to Global Financial Dominance
A pioneering global financial and IT services hub that is poised to redefine excellence in business infrastructure, rivaling the world's top financial districts.
The headline says “Gujarat Government Partners With IBM To Establish AI Cluster In GIFT City”
Gujarat Chief Minister Bhupendrabhai Patel also said "This MoU with IBM will help Gujarat to lead the country in efforts to adopt AI and drive digital transformation."
But let me ask you this: Do you know what GIFT City is?
Well, if not, this edition of Elevate is exactly what you’ll need - taking you through every aspect of the GIFT city in detail. Now, let’s head straight into it.
What is GIFT City
GIFT City or Gujarat International Finance Tec-City is an emerging global financial and IT services hub, the first of its kind in India, designed to be on par with the world's best business districts. It boasts state-of-the-art infrastructure, covering all basic urban needs and offering excellent external connectivity.
Banking, asset management, insurance issuers, capital markets, information technology (IT) services, business process outsourcing, etc., are among other industries establishing their units in GIFT City to offer global financial and IT services in the country. GIFT City also hosts multiple International Financial Service Centres (IFSC) that are approved and regulated by the government.
India’s first operational smart city
GIFT City comes with underground utility tunnels to avoid road excavations for future maintenance and renovations. The City Command and Control Centre (C4) uses the Internet of Things (IoT) technology to oversee and manage the city’s infrastructure. The city is also equipped with a fully automated district cooling system (DCS) and waste collection system (WCS).
Advantages of GIFT City
Creation of an estimated 500,000 direct jobs and an equal number of indirect jobs.
Providing financial incentives, regulatory freedom and world-class infrastructure.
World-class infrastructure and unparalleled connectivity and transportation access.
Strict adherence to environmental norms, with built-in technologies for a sustainable ecosystem.
A national and international hub of IT and ITeS companies, finance companies, commodity exchange, global trading, insurance, offshore banking and data centres among others.
Tax incentives
Under IFSC Gift City, both units and investors can benefit from a multitude of tax benefits. Units receive 100% income tax exemption for 10 consecutive years out of 15 years. Also, the Goods and services (GST) tax will not be applicable to services. Investors, too, can avail of tax exemptions on specified securities, funds lent to IFSC, transactions under IFSC exchange, etc.
The next decade holds immense promise for GIFT City as it solidifies its position as a global financial hub. With a focus on innovation, collaboration, and sustainable practices, GIFT City is set to navigate the complexities of the financial world, contributing to India's rise as a key player in the international financial arena.
Here’s to India's emergence as a global financial powerhouse🥂
Until Next Time!
Song Of The Day:
(Because we won the cup🏆)