THE GIFT OF REVIVAL

Launched in 2012, Gujarat International Finance Tec-City (GIFT) was set up to serve as an Indian hub for global financial services. It has seen steady support from the BJP government at the Centre since 2014, with the Union finance ministry frequently stepping in to support its growth. At its heart is the IFSC (International Financial Services Centre), a special economic zone with heavy sops, including no tax for 10 years and no GST on services received by or provided to firms or their international clients

By Kiran D. Tare

THE CITY

GIFT city sits on the banks of the Sabarmati river between Ahmedabad and Gandhinagar, the business and administrative capitals of Gujarat

886

The total area. Some 67 per cent is reserved for ACRES commerce, 22 per cent for residences and 11 per cent for community areas. Infrastructure includes a water treatment plant, automated waste collection and a district cooling plant

20

The distance to Sardar Vallabhbhai Patel International airport in KM Ahmedabad

12

The number of active commercial/ residential projects—seven business towers, a school, a five-star hotel and three residential complexes

12,000

The number of employees working at GIFT city

THE IFSC

GIFT city’s main draw is the International Financial Services Centre, a special economic zone for firms providing financial services in international markets and in currencies other than the Indian rupee

5

The major business areas at the IFSC—an international stock exchange, its banking units, the brokers, insurers and the ancillary services firms

38

The number of banks (19, of which 13 are domestic) and insurance firms (19) operating out of IFSC. The banks hold collective assets of $14 billion, while the insurers have a collective sum assured of about $30 billion. IFSC’s stock exchange trades 22 hours a day, with a turnover around $30 billion

21

The number of companies operating in IFSC’s domestic traffic zone. These include Bank of India, HDFC Bank, SIDBI, IDBI Bank, MCX, Oracle and Tata Consultancy Services

12

The number of aircraft companies that have applied to set up units at IFSC

200

The number of financial services firms registered so far at IFSC

Graphic by TANMOY CHAKRABORTY Source: GIFT City administration