India is one of the fastest-growing economies in the world, with a GDP of $2.9 trillion in 2020 and an expected growth rate of 8.8% in 2021. However, India also faces some challenges, such as infrastructure gaps, capital shortages, and regulatory barriers, that limit its potential to become a global financial and technological leader. To address these challenges and achieve its vision of becoming a $5 trillion economy by 2024, India has launched an ambitious project called Gujarat International Finance Tec-City (GIFT City).
GIFT City is India’s first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. It is a multi-service Special Economic Zone (SEZ) with India’s first notified International Financial Services Center (IFSC) and an exclusive Domestic Tariff Area (DTA). It is positioned as a financial and technological hub designed to cater to customers outside the Indian jurisdiction.
GIFT City is located in Gandhinagar, Gujarat, India, and covers an area of 886 acres. It is strategically located between Ahmedabad and Gandhinagar, two of the most important cities in Gujarat, and is well-connected to major highways, airports, and railways. It is also close to the Sabarmati Riverfront, which provides a scenic and recreational environment for the residents and visitors of GIFT City.
GIFT City’s infrastructure is designed to be world-class and future-ready. It has a plug-and-play model that allows businesses to start their operations quickly and efficiently, without the need for extensive setup or investment. It has a single-window clearance system that simplifies the regulatory and compliance procedures for businesses. It has a robust digital infrastructure that enables seamless connectivity, data exchange, and cybersecurity for businesses. It also has a social infrastructure that provides a high quality of life for the residents, such as schools, hospitals, clubs, parks, and other amenities.
GIFT City’s environmental sustainability is also a key feature of its infrastructure. It is the first Indian city to be awarded a Green Cities ‘Platinum’ certification from the Indian Green Building Council (IGBC). It has adopted various measures to reduce its carbon footprint, such as integrated land use, urban development, and the creation of green and open spaces. It has also implemented a waste management system that segregates, recycles, and treats the waste generated in the city.
GIFT City’s social sustainability is another important aspect of its infrastructure. It is designed to be a walk-to-work city that reduces the need for private transportation and promotes public health. It also has a diverse and inclusive community that welcomes people from different backgrounds, cultures, and professions. It provides equal opportunities and benefits to all its residents, regardless of their gender, race, religion, or nationality.
GIFT City’s location and infrastructure are transforming the landscape of Indian cities and creating new opportunities for businesses and investors. It is a game-changer for India and the world.
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