Gujarat International Finance Tech-City (GIFT), the model smart city in the green field category, already has more than 160 companies operational. It aims at creating one million jobs by the time of completion in 2025, out of which half a million will be direct job and another half a million will be indirect jobs.
GIFT City has been included as model city in Greenfield category in the Center's Smart City Mission Statement and Guidelines for development of 100 smart cities in the country. The idea of the GIFT city is to create a world-class infrastructure with a walk-to-work concept, to reduce load from cities like Bangalore, Hyderabad and Mumbai.
Key features of GIFT city
“GIFT is the first and only location in India to house an International Financial Services Centre (IFSC). Out of 160 companies operational in GIFT, 120 are in the IFSC. Once the project is fully completed, it is expected to have a revenue of Rs 60 to 70 K crore. Currently, we have spent Rs 2000 crore,” said Ajay Pande, managing director and group CEO, GIFT.
The center already has 120 companies operating. IFSC transactions have already crossed USD 8 million and is expected to further grow to USD 30 million, he said, adding that IFSC Exchanges have crossed cumulative trading turnover of USD 10 billion till date.
The smart city claims that there is single digit attrition rate recorded by companies that are operational already. In terms of savings for the companies, for 1000-staff operations, a company gains business efficiencies of around 20 percent on moving into GIFT city.
“Other than companies, we have a Singapore Fund also operating at the GIFT City where there are 20 to 25 startups being incubated. There is domestic area, an SEZ and IFSC. The IFSC tax structure is as competitive as in Singapore. Furthermore there is no income tax for 10 years, no dividend, no GST, no long-term capital bonds tax. In terms of the domestic area GIFT is the only city with a single window clearance,” adds Pande.