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GIFT City to get Rs 11k cr investment

The GIFT City project was conceptualised in 2007. However, the actual groundwork started in October 2011 and the first multi-storey structure was inaugurated by then chief minister Narendra Modi in January 2013.

By: Express News Service | Ahmedabad, Mumbai |
December 3, 2021 12:16:54 am
Chief Minister Bhupendra Patel at a meeting with Tata Sons chairman N Chandrasekaran in Mumbai, Thursday. ANI

Promoting Gujarat International Finance Tec-City or GIFT City before a group of investors and fintech firms gathered for a roadshow in Mumbai on Thursday, ahead of the 10th edition of the Vibrant Gujarat Summit, the state government said investments to the tune of Rs 11,000 crore have been committed by 140 firms in GIFT City.

Hard-selling the upcoming financial hub in Gujarat, Chief Minister Bhupendra Patel, while addressing the audience in Gujarati said, “I want to tell all the financial institutional investors, fintech firms and start-up units that till now if you have entered the GIFT City, then you should think in that direction positively. In GIFT City you will get world class infrastructure.”

Gujarat has an all-inclusive development ecosystem and industry-friendly policies, and is ready to welcome global and local businesses seeking to relocate in post-Covid times, Patel said, adding that the GIFT City in Gujarat houses the international bullion exchange and international stock exchan-ges. “People from across the world come to Gujarat to work and the state provides them the opportunities to progress in life,” he added.

“As Mumbai has evolved to become the capital of India, Gujarat has emerged as the role model of India as the manufacturing hub, automobile hub, pharma hub and MSME hub,” Patel said.

Talking about how Vibrant Gujarat brand has transformed Gujarat into a “world-class state”, Patel said, “Vibrant Gujarat started by Prime Minister Narendra Modi has become a brand. Initially, discussions were on investments in Gujarat. Now apart from investments, discussions also take place about issues facing the world and their possible solutions.”

The three-day Vibhrant Gujarat summit is scheduled to begin January 10 next year. “I would like to make a special mention of the Mumbai-Ahmedabad high-speed rail project. The project will accelerate growth of infrastructure, including other benefits such as job creation, faster transportation and pollution reduction,” Patel said.

Gujarat Chief Secretary Pankaj Kumar said GIFT City was poised to emerge as the one of the most preferred financial hubs in the world in the coming decade. “Investments worth Rs 11,000 crore from 140 companies have been committed to GIFT City. Moreover, the average daily turn-over on international exchanges within GIFT City have exceeded USD 4 billion,” Kumar added.

Announcing the Vibrant Guja-rat Global Investors Summit 2022 theme — Atmanirbhar Gujarat to Atmanirbhar Bharat — Patel said, “Gujarat is the most industrialised and urbanised economy in the country, and a nation leader in various fields of socio-economic development… Gujarat has all-inclusive, all-round development ecosystem and with industry-friendly policies, the state is ready to welcome global and local industries and businesses seeking to relocate in post-Covid times.”

The official said that six aircraft leasing firms have been given licences to operate from GIFT City and an additional seven entities have applied for licences.

The GIFT City project was conceptualised in 2007. However, the actual groundwork started in October 2011 and the first multi-storey structure was inaugurated by then chief minister Narendra Modi in January 2013. The flow of investments into the project began only after Modi became the Prime Minister in 2014.

Officials who participated in the roadshow shared experiences of Bank of America and said the foreign entity hired 700 employees locally for their unit in GIFT City. After the roadshow, Patel also visited the BSE stock exchange. Earlier in the day, the CM interacted with Mahesh Palashikar, president and CEO (South Asia) of General Electric and discussed about investment opportunities.

He also met Ashok Hinduja, chairman of Hinduja Group, Neeraj Akhoury, CEO of Ambuja Cements Ltd, Nikhil Meswani, executive director of Reliance Indu-stries, Anant Goenka, MD of Ceat Limited, Uday Kotak, CEO of Kotak Mahindra Bank Ltd, N Chandra-sekaran, chairman of Tata Sons and Ms Kaku Nakhate, president and country head of Bank of America.

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