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Finshots Daily
The rise and rise of GIFT City
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.
06:18
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Quick takeaways
- GIFT City's success can be credited to its special economic zone status and favorable economic laws that have attracted companies and investments.
- GIFT City's establishment of the IFSCA as a unified regulator has simplified regulations, reduced red tape, and attracted significant funds, solidifying its position as a global financial center.
Deep dives
GIFT City: A Pet Project on the Verge of Failure
A decade ago, India's GIFT City, a pet project of the country's prime minister, appeared to be failing. The posh buildings were incomplete, power utilities were missing, and there were no corporate tenants. However, in 2024, GIFT City is thriving with construction, residential apartments, and 400 offices employing 26,000 people. The turnaround can be attributed to the implementation of a special economic zone (SEZ) status, offering liberal economic laws and incentives such as a 10-year tax holiday and exemption from GST. This favorable environment has attracted companies and investments, making GIFT City a potential contender for global financial centers.
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