Finshots Daily The rise and rise of GIFT City
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Feb 14, 2024 Discover the success story of GIFT City, a global financial center in Gujarat. Learn about its growth, initiatives to support startups, and plans to become a global financial hub.
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GIFT City's Initial Struggles
- GIFT City, a 78,000 crore project, faced initial setbacks a decade ago.
- Incomplete buildings, missing utilities, and a lack of tenants plagued the project.
Modi's Influence
- The BJP-led government's rise to power in 2014 marked a turning point for GIFT City.
- Prime Minister Modi's support and the SEZ tag fueled the project's revival.
IL&FS and Government Intervention
- GIFT City was a joint venture between the Gujarat government and IL&FS.
- Following IL&FS's financial troubles, the government took over its stake.