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Industry Project
Gujarat International Finance Tec-City (GIFT)
Fast Foot Forward
Gujarat takes the lead over Maharashtra in building a financial
hub.
Gujarat is one of the fastest growing states of India with
an annual Gross State Domestic Product (GSDP) of over 14 per
cent per annum over the past 10 years. People of Gujarat are
quite popular for their entrepreneurial skills and investment
acumen, which is far superior, compared to other people from
other Indian States. A recently conducted talent study for
the State also established that the manpower pool available
in Gujarat, including non-resident Gujarati's, is amongst
the largest pools available in the country.
Gujarat is competing with Maharashtra in many ways, be it
attracting foreign direct investments (FDI), setting up manufacturing
units, infrastructure spending, education, power projects
and the latest entrant in this competition is the financial
services industry. As Maharashtra aims to make Mumbai - an
International Financial Centre, so do Gujarat wants to realize
its potential in this sector.
Government of Gujarat has formulated a mega project to setup
a Central Finance and Business District (CFBD), named as the
Gujarat International Finance Tec-City (GIFT).
Approximately 27,000 acres (approx 104 sq.kms) of land between
the commercial capital of the State, Ahmedabad, and the Administrative
Capital of the State, Gandhinagar, have been earmarked for
the development of a Central Finance and Business District
(CFBD), Institutional areas, Knowledge parks, Integrated Townships,
etc.
On the occasion of laying the foundation stone of GIFT in
July 2007, Narendra Modi, Chief Minister of Gujarat had said,
"The finance Tec-city will be the icon of modern Indian
economy. For centuries the Gujarati community has earned a
name in trade and commerce and has also shown the richness
of civilized society by creating well planned towns and civic
facilities as seen in Lothaj and Dhoiavira. Gujarat has now
become the propelling force of economy with the highest growth
rate in the 21st century and striding for the development
of 33 SEZ's with port related facilities including agriculture
and industrial development. The state has become the most
attractive destination for investment in the global economy".
Component
GIFT will use 500 acres of land, out of this Multi Services
SEZ and Domestic Tariff Area (DTA) will share it equally.
Multi Services SEZ will comprise of Processing and Non-Processing
Areas. Processing Areas in turn would include International
Financial Service Center (IFSC), International Techno Park,
STPI Units - Technology, International Market Zone, Exchanges,
Service Units and Inter. Education Zone. Non-Processing Areas
on the other hand would include Utilities, Integrated Townships,
Entertainment Zone, Hotel/Convention Centre, Shopping Malls,
Health Services and Schooling. Domestic Tariff Area (DTA)
will comprise of Domestic Financial District, Techno Park,
Fin/Tech Services EoU Park, Markets Zone, Education Zone and
Utilities.
Fast Forward Approach
Government of Gujarat is adopting a fast forward approach
with regard to setting up GIFT. It has already formed a Joint
Venture Company, "Gujarat International Finance Tec-City
Company Limited (GIFTCL)", through its agency Gujarat
Urban Development Corporation Limited (GUDCL) and Infrastructure
Leasing & Financial Services (IL&FS).
Project Location
GIFT is strategically located at Shahpur village and would
ensure convenience for its inhabitants and visitors. The site
is 12 kms from the Ahmedabad International Airport and 8 kms
from Gandhinagar. The site abuts a four lane National Highway
(NH8) which connects Ahmedabad and Gandhinagar on its western
side. The Sabarmati river demarcates the eastern boundary
of the Project site.
Project Concept and Design
GIFTCL proposes to implement GIFT as a globally benchmarked
International Finance City as well as to develop, finance,
implement all infrastructure in and around GIFT on a turnkey
basis to ensure that all conceivable services in relation
to connectivity, communication, technology, security, services
for quality of life, etc, are established and sustained. Domestic
and international experts have contributed to the project
design keeping in mind the key requirements of the financial
service sector.
Gujarat International Finance Tec- City (GIFT) will have
access to superior infrastructure, state-of-the-art connectivity
and modern modes of transportation and will provide an enabling
framework for financial service industry to thrive. Mass Rapid
Transit system linking the Project to the cities of Ahmedabad
and Gandhinagar are also planned. The hitech, self-sustaining
financial city will have a fully-integrated data centre, data
landing gateway and environment friendly energy conservation
measures including use of solar and wind energy, cooling systems
and mass transport services. A 12 km dedicated Expressway
to the International Airport is being built as part of the
Project.
The project is divided into an international financial city
where offshore banking units and global financial firms are
expected to set shop; a domestic financial city to attract
local investment companies and capital/commodity market players;
an e-technology park with an integrated data centre and a
township for support activities.
Investment
Its investment outlay has been pegged at approximately Rs
24,500 crore ($6 billion).
Consultants:
Panel of consultants engaged for GIFT include ECADI/Fairwood,
McKinsey & Company, Hewitt, IL&FS Ecosmart among others.
Employment Potential
GIFT will serve as a Global BPO and IT hub for financial services,
R&D hub and financial center for select product markets.
Project is estimated to generate over 4 million jobs by 2020.
Initial Anchor Occupants of GIFT
Memorandum of Understanding (MOU) have been signed with the
following companies who have expressed willingness to take
up at least one million square feet of office space in GIFT.
IL&FS Limited / ORIX Corporation (Japan) Chescor Capital
Corporation Limited Kotak Mahindra Bank Limited (India) Sembawang
Engineers and Constructors Pte. Ltd. (Singapore) Fairwood
Associates (India) ICAI (Institute of Chartered Accountants
of India) (India)
Project Current Status
1. Land acquired and transferred to JVC
2. Detailed master plan completed
3. Built from engineering underway
4. Approval of Government of Gujarat received
5. Approval of Government of India received for SEZ
6. Infrastructure planning completed
7. DPR's under preparation
8. Site preparation activities have commenced
Project Potential
GIFT aspires to capture a modest 6 to 8% share of business
opportunities to be created based on the following strengths:
1. Strong Location Advantage
2. Its Proximity to Mumbai and strong connectivity by air
and road
3. Robust Urban Planning
4. Well Designed Urban Form in Place
5. High Quality Infrastructure
6. State of the art physical, ICT and social Infrastructure
at affordable prices
7. Availability of Talent Pool
8. Plan Under Implementation for smooth operation of business
9. Business friendly Regulations and Policies
10. Special Economic Zone Approved
11. Firm Implementation Plan
In terms of scale and sheer physical scope, GIFT is being
designed to be at or above par with presently acknowledged
globally benchmarked financial centers such as Shinjuku (Tokyo),
Lujiazui (Shanghai), LaDefense Paris), Dockyards London).
*Credits: Sandeep Ravidutt Sharma, Foundation of Infrastructure
Research Studies and Training (FIRST)
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