Gujarat Chief Minister Bhupendra Patel has said that the Gujarat International Finance Tec (GIFT) City is poised to become one of the world's premier international financial centres in the coming years.
The GIFT City, located in Gandhinagar, is undergoing massive infrastructure expansion after which the total land area will reach around 3,400 acres, Patel said in an email interview to PTI, ahead of the three-day Vibrant Gujarat Global Summit to be held here from Wednesday.
The riverfront along the GIFT City is being developed with an international-level retail, recreation and entertainment zone. Metro connectivity to the GIFT City will also be operational by mid-2024, he said.
"I firmly believe that the GIFT City is poised to become one of the world's premier international financial centres in the coming years," he said.
Patel said Prime Minister Narendra Modi's vision for the GIFT City is to create a world-class financial, IT &ITeS and fintech hub to provide services to India and to the entire world.
With this objective, as part of the international and national roadshows under the Vibrant Gujarat Global Summit (VGGS) 2024, the state government held a series of meetings with leading global and national financial sector companies.
During these discussions, international companies from countries like the UAE, Japan, Australia, Singapore and the US have expressed their interest in exploring investment opportunities in the GIFT-IFSC, he said.
Elaborating on the GIFT-IFSC, he said there are 580 operational entities in the International Financial Services Centre (IFSC). Notable large-scale investments have already been flowing in GIFT-IFSC, including global players like Google, Bank of America, Morgan Stanley etc.
International universities are setting up their campuses, IndiGo and Air India are starting aircraft leasing activities, SGX Nifty trading as GIFT Nifty, and India International Bullion Exchange IFSC Limited (IIBX) is being set up in the GIFT City, he said.
As part of the 10th edition of VGGS, a Global FinTech Leadership Forum is being organised at the GIFT City on January 10 wherein PM Modi will interact with the CEOs of top finance and technology institutions in a closed-door roundtable, the CM said.
The event, to be moderated by Kotak Mahindra Bank Director Uday Kotak, will provide a platform to the CEOs of top finance and technology companies to share their views on the emerging fintech landscape globally, he said.
Patel also said that the Dholera Special Investment Region (SIR), with an area of 920 sq km, is poised to be the biggest industrial hub of the future.
"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. Notably, it houses a dedicated Semicon City, marking a significant stride for India's semiconductor and display industry," he said.
The CM said it gives him immense pride to share that 48 per cent of Gujarat's total electricity generation installed capacity is from renewable energy.
"Gujarat is emerging as a powerhouse in renewable energy and green hydrogen. With a substantial contribution of 16.5 per cent (approximately 22.7 GW) to India's total renewable energy capacity, the state is poised to add 30 GW through the world's largest hybrid solar and wind park in Kachchh by 2025," Patel said.
The government is actively engaged in discussions with leading semiconductor companies worldwide, extending invitations to invest in Gujarat, he said.
Patel also said that the Gujarat Semiconductor Policy (2022-27) has made it the first state in India with a dedicated policy for the semiconductor sector.
This strategic move is aimed at fostering the growth of a robust domestic semiconductor manufacturing ecosystem. To support this initiative, the state has established the Gujarat State Electronics Mission under the Department of Science and Technology, he said.
"The mission is designed to assist and attract global investors, creating an environment conducive to semiconductor innovation and development. Micron, recognising the state's robust manufacturing infrastructure, business-friendly environment, and access to a well-planned talent pool, has chosen Gujarat for its manufacturing facility," he added.
