Construction work for GIFT project to start by year-end

He said,“The GIFT (project) has been cleared under a special scheme by the Securities and Exchange Board of India (SEBI). The scheme provides asset ownership to GIFT’s occupants by converting it into tradable units. These units will then be listed on the stock markets,for the general public to trade in them.” This will ensure that the entire city is owned by the people,and not by a private enterprise.

Srinivas also said the talks with a South Korean telecom major to provide the Information and Communication Technology network in the entire GIFT are in its final stages. “Though I can’t reveal the name (of the company) as yet,but the company will implement the master plan prepared by our consultant company British Telecom.”

Meanwhile,the Gujarat government has also recently signed a Memorandum of Understanding (MoU) with Cisco,a worldwide leader in Internet Protocol (IP)-based networking solutions. According to the MoU,Cisco will invest in the GIFT along with providing a range of products,services,platforms and partners.

Srinivas said,“Cisco will also migrate some of its clients to the GIFT,as per the signed agreement.”

‘Economic meltdown in India,a myth’

Jay Narayan Vyas,State Health Minister,who also attended the IACC meet,said the fear of an economic downturn hitting India was a politically motivated myth created by the vested section of urbanized elite.

“Our banks are safe,stock markets are stable,industrial sector is recording profits and forex reserves are ample. All the economic indicators are showing positive signs. Where is the meltdown?” he asked. ”

Vyas said only a few of the country’s export-oriented businesses like IT,gems and jewellery,etc. were affected. “But this elite section with the help of a biased media tried to create panic,to their advantage,” said Vyas.