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GIFT City Set to Ascend as Key Global Financial Center: Gujarat CM

  • Posted on January 9, 2024
  • Politics

Gujarat's Chief Minister Bhupendra Patel envisions GIFT City as a premier global financial hub. Plans include extensive infrastructure expansion across 3,400 acres, metro connectivity by mid-2024, and a diverse riverfront. Discussions during the Vibrant Gujarat Global Summit attracted interest from global financial firms. Patel highlighted GIFT-IFSC's operational status with major investments from renowned entities like Google, Bank of America, and Morgan Stanley. Plans for a Global FinTech Leadership Forum and the development of the Dholera Special Investment Region were emphasized. Patel also mentioned discussions with semiconductor companies, highlighting Micron's choice of Gujarat for its manufacturing facility.

GIFT City Set to Ascend as Key Global Financial Center: Gujarat CM Image Source

Gujarat's Chief Minister, Bhupendra Patel, envisions GIFT City evolving into a premier global financial center in the coming years. Patel emphasized plans for significant infrastructure expansion, projecting a land area of approximately 3,400 acres. This development aims to create a vibrant riverfront housing international-level retail, recreation, and entertainment zones, laying the groundwork for GIFT City's international prominence.

During discussions at the Vibrant Gujarat Global Summit, the state government engaged with numerous global financial sector companies. This engagement attracted interest from firms across various countries, including the UAE, Japan, Australia, Singapore, and the US, keen on exploring investment opportunities within GIFT-IFSC.

Patel highlighted the operational status of 580 entities within the International Financial Services Centre (IFSC), underscoring substantial investments from prominent entities such as Google, Bank of America, and Morgan Stanley. Additionally, he emphasized the establishment of international universities, aviation leasing activities by IndiGo and Air India, and the forthcoming India International Bullion Exchange IFSC Limited within GIFT City.

Moreover, Patel outlined plans for a Global FinTech Leadership Forum during the VGGS. This forum aims to facilitate discussions between PM Modi and top finance and technology CEOs, addressing the rapidly evolving fintech landscape. Furthermore, he underscored the Dholera Special Investment Region's significance as a burgeoning industrial hub, emphasizing initiatives like expressways, metro rail connectivity, and the Bhimnath-Dholera Freight Rail Line.

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"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," Patel mentioned.

Additionally, Patel highlighted the government's engagements with semiconductor companies globally, supported by the Gujarat Semiconductor Policy (2022-27). He cited Micron's decision to establish a manufacturing facility in Gujarat, emphasizing the state's infrastructure and business-friendly environment as pivotal factors attracting such investments.

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