Last year, India announced that it is moving to create a new city to attract foreign investors, hoping to one day compete against financial centers located in Singapore, Dubai and Hong Kong. The collection of financial buildings have officially been named the Gujarat International Financial-Tec City or the GIFT city, and will be the first global financial and IT services hub in the country. Currently, the GIFT city is under construction, and is slated to be complete in 2024. Here is the city’s progress thus far:
Currently, the city consists of three office buildings, a school and a data center with government bussing provided. The office buildings consist of the Gift One tower, which has reached 80% occupancy by businesses, the Gift Two tower, and the Hiranandani Signature Tower. The Jamnabai International School currently runs in the region and the TCS Tier 4 Data center has recently become operational. New residences are slated to be complete this May, while a World Trade Center complex will be complete by 2021.
India is already taking steps to increase the city’s economic benefits for investors as well as promote international trade. One such step is providing government-approved tax exemptions for business done within the city. Additionally, two new stock exchanges have recently been developed for trade. Initially, the city hosted exchanges of $1 million between investors, and now trades approximately $500 million in revenue daily. According to the official GIFT information site, it is estimated that 500,000 jobs will be created through development of the city, and that it will include eco-friendly technologies, such as wastewater recycling, along with well-developed transportation access.
Although the GIFT city is still far from reaching its final stages, it continues to develop into a place of new business opportunity and international cooperation, supporting a more globalized world.
Article by MoCo Student staff writer Amal Abdulkadir of Richard Montgomery High School