How GIFT City is Boosting India’s Economic Growth and Global Competitiveness

Gujarat International Finance Tec-City (GIFT City) is India’s first operational greenfield smart city and international financial services center. It is located in the Gandhinagar district in Gujarat, India, and is built on the vision of Prime Minister Shri Narendra Modi to create a world-class finance and IT zone for India and the world.

Since its inception, GIFT City has been instrumental in driving economic growth in India. Here are some of the ways in which GIFT City has impacted the Indian economy:

Contribution to GDP: GIFT City has been a significant contributor to India’s GDP. According to a report by the National Institute of Financial Management, GIFT City has the potential to contribute up to 1% of India’s GDP by 2025.

Job Creation: GIFT City has been a major source of job creation in India. As of June 2023, it is home to 23 multi-national banks, 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India’s first international bullion exchange with 75 onboarded jewelers. These companies have created thousands of jobs in India, and the number is expected to grow in the coming years.

Boost to the Financial Services Sector: GIFT City has been a game-changer for the Indian financial services sector. It has attracted foreign investments and provided a conducive environment for financial services, contributing significantly to the nation’s economic growth.

Ease of Doing Business: GIFT City has made it easier to do business in India. It offers tax incentives, ease of doing business, and more, making it an attractive destination for businesses looking to set up operations in India.

Infrastructure Development: GIFT City has been instrumental in the development of world-class infrastructure in India. It boasts modern skyscrapers, efficient transportation systems, and cutting-edge technology, making it a model for other smart cities in India.

In conclusion, GIFT City has been a significant contributor to India’s economic growth. It has created jobs, attracted foreign investments, and provided a conducive environment for businesses to thrive. With its world-class infrastructure and cutting-edge technology, GIFT City is poised to become a global financial hub and a model for other smart cities in India.

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