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Economy and Finance

Economy and Finance

GIFT City: Major functions and activities it offers

08 Jan 2024 Zinkpot 231
  1. Gujarat International Finance Tec-City (GIFT City) is a central business district under construction in the Gandhinagar district in Gujarat, India. It is a pre-eminent, futuristic city built on the foundation of sustainability, presenting an unprecedented ecosystem for crucial economic activities. 
  2. The complete functions and activities of GIFT City include:
    • Financial Activities: GIFT City is home to businesses engaged in a variety of financial activities, including banking, insurance, asset management, and capital markets.
    • Special Economic Zone (SEZ): It provides a platform for companies to set up engineering, biotechnology, and pharmaceuticals. The SEZ offers benefits to businesses operating in this zone, including duty-free imports and exports, easy regulatory processes, and tax benefits.
    • Social and Civic Infrastructure: GIFT City provides world-class social and civic infrastructure to its residents, including schools, hospitals, and shopping centers.
    • Residential Zone: It offers residential properties designed to provide a world-class living environment to the residents working in GIFT City.
    • Transit-Oriented Development (TOD): GIFT City is implemented on the walk-to-work concept, providing social facilities such as schools, clubs, and parks, enhancing the quality of life for its residents.
    • International Financial Services Centre (IFSC): GIFT City houses an IFSC, which aims to provide, on Indian soil, financial services currently consumed outside India by overseas financial institutions and is regulated by a unified regulator.
    • Smart City Initiatives: GIFT City aims to be a 'smart city' for India's growing finance and technology sectors, with a focus on intelligent design and modern infrastructure.
  3. What financial activities does the GIFT City offer? The GIFT City is home to businesses engaged in a variety of financial activities, including:
    • Banking: GIFT City hosts banking institutions, providing a range of financial services such as deposits, loans, and investment products.
    • Insurance: The city is a hub for insurance companies and intermediaries, offering various insurance products and services.
    • Asset Management: GIFT City accommodates asset management firms, involved in managing and investing in various assets on behalf of their clients.
    • Capital Markets: It provides a platform for capital market activities, including stock exchanges, commodity exchanges, clearing corporations, depositories, stockbrokers, investment advisors, portfolio managers, mutual funds, and alternative investment funds.
    • Global In-House Centers: GIFT City hosts global in-house centers for various financial and technological services, promoting innovation and solutions in the financial services market.
    • Aircraft Leasing & Financing: The city also facilitates aircraft leasing and financing services, catering to the aviation industry.
    • Bullion Exchange: GIFT City is home to a bullion exchange, providing a platform for trading in precious metals such as gold and silver.
    • Foreign Universities: It hosts foreign universities, fostering educational and research collaborations in the fields of finance and technology.
  4. In summary, GIFT City is a hub for a wide range of financial activities, hosts a Special Economic Zone, provides social and civic infrastructure, and residential properties, and is designed to be a smart and sustainable city, offering a world-class living environment for its residents
     

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