GIFT City a powerful tool for PM Modi's vision: CM Bhupendra Patel

Gujarat CM Bhupendra Patel stated GIFT City is a powerful instrument for PM Modi's vision of a global financial sector, giving momentum to India's growth towards becoming the world's third-largest economy with its IFSCA and Bullion Exchange.

Gujarat Chief Minister Bhupendra Patel on Tuesday stated that GIFT City has become a powerful instrument for advancing Prime Minister Narendra Modi's vision of making the country's financial sector global.

"As India moves towards becoming the world's third-largest economy following the directives of the Prime Minister, the country's only International Financial Services Centre (IFSCA) and Bullion Exchange at GIFT City are giving further momentum to this growth," he said.

He said GIFT City, India's first financial tech city, is giving the country new identity on global stage He highlighted that GIFT City is continuously expanding across sectors such as banking, insurance, asset management, capital market services, fund management, fintech, aircraft leasing, and ship leasing.

The Chief Minister was addressing the gathering at the inauguration of the Global Connect (Gujarat International Finance Tec-City) GIFT City Edition, jointly organised by HSBC and NDTV at GIFT City, according to a release.

He said that the place, once known only for farms and the Sabarmati River's ravines, is now home to world-class financial institutions.

He said GIFT City's development is a great example of how the Prime Minister's visionary approach is being realised.

Budgetary Incentives and Investor Confidence

He stated that the Union Budget provides special incentives for industries setting up in GIFT City. The extension of the tax holiday from 10 to 20 years will give investors greater confidence to invest in GIFT City. The Budget also focuses on sectors such as infrastructure, advanced technology, semiconductors, data centres, and Artificial Intelligence (AI). The Gujarat Government has allocated around 39% of its total budget this year to capital expenditure.

AI and Fintech Hub

He said that AI is no longer limited to technology and is transforming sectors such as banking, risk management, and wealth management. He added that the 'AI Centre of Excellence' at GIFT City has emerged as a strong platform bringing together innovative solutions, experts, businesses, and startups.

Pioneering Green Finance

He emphasised that GIFT City has immense potential in areas such as green bonds, sustainable finance, climate finance, and renewable energy financing, aring Prime Minister Shri Narendra Modi's vision of 'Green Growth' in addressing global warming and climate change. (ANI)

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