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Current Affairs 2023

GIFT City - UPSC Current Affairs

GIFT City is an ambitious project in Gujarat, India to develop a Central Business District for the financial and IT services industry, with state-of-the-art infrastructure and excellent external connectivity. It aims to create employment opportunities and position Gujarat as a global financial hub.

Jan 25, 2023

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The Gujarat International Finance Tec-City (GIFT) is an ambitious project undertaken by the Government of Gujarat, aimed at positioning the state as a leading center for the financial services industry. The project involves the development of a Central Business District (CBD) on 886 acres of land between Ahmedabad and Gandhinagar, with a built-up area of 62 million square feet. This includes office spaces, residential apartments, schools, hospitals, hotels, clubs, retail outlets, and various recreational facilities.

 

GIFT City is poised to become a global financial and IT services hub, the first of its kind in India. It is being developed with state-of-the-art infrastructure and excellent external connectivity, making it on par with globally benchmarked business districts. Companies from financial services, technology, and other service sectors are being targeted as potential occupants within the city.

 

The project is set to change the economic landscape of Gujarat and keep India on the global map as a center of excellence in the financial and IT/ITeS services domain. One of the main reasons for setting up GIFT City is to create large employment opportunities in the services industry in Gujarat.

 

GIFT City is targeting a range of business segments, including offshore banking, capital markets, offshore asset management, offshore insurance, ancillary services, IT services, and ITeS/BPO services. These include opportunities for corporate banking, servicing JV/WOS of Indian companies registered abroad, factoring/forfeiting of export receivables, exchanges, brokerage services, permissible securities, fund accounting, investment services, custodian services, trust services, general/life insurance, co-insurance, reinsurance, captive insurance, legal, accounting & audit, research & analytics, compliance, recruitment, risk management, software development, artificial intelligence, robotics, internet of things, business intelligence, mobile platforms, communications technology, consulting, data analytics, data/information management, R&D, web development, and games.

 

In conclusion, GIFT City is an ambitious project that promises to change the economic landscape of Gujarat and position the state as a leading center for the financial services industry. With its state-of-the-art infrastructure, excellent external connectivity, and a wide range of business opportunities, GIFT City is set to become a global financial and IT services hub. It is an opportunity for companies in the financial services, technology, and other service sectors to tap into the potential of the state and grow their business. Image: Google Earth/Location: Near Gandhinagar, Gujarat

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