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Can India's GIFT City become a rival to global financial hubs of Singapore and Dubai?

14 years on after it was announced, PM Modi's vision of setting up a world-class financial centre in Gujarat remains a work in progress but concrete steps can take it in that direction swiftly.

December 06, 2022 / 03:37 PM IST
A 20-minute drive from Ahmedabad’s international airport, Gujarat International Finance Tec-City, or GIFT City, is spread over 880 acres

A 20-minute drive from Ahmedabad’s international airport, Gujarat International Finance Tec-City, or GIFT City, is spread over 880 acres

Now that voting in the high-stakes poll battle in Gujarat is over, Prime Minister Narendra Modi is busy with his pet project.

The Prime Minister’s Economic Advisory Council meeting on December 6 has on its agenda GIFT City, the upcoming financial hub nestled between Gujarat's financial capital Ahmedabad and political capital Gandhinagar.

With the Union Budget barely two months away, the agenda assumes significance for the PMEAC, which now meets every month instead of quarterly, amid expectations of additional incentives for the financial district.

The centre has already emerged as India’s first operational smart city. It is home to a plethora of Indian and foreign financial institutions including State Bank of India, HDFC Bank, Standard Chartered, Kotak Mahindra Bank, and India’s first international bullion exchange, most of which came up over the past five years.