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Gujarat International Finance Tec-City (GIFT City), once envisioned as a financial nucleus, is now rapidly evolving into India’s most ambitious smart city—an integrated ecosystem of finance, technology, education, and sustainability. Recent developments signal a transformative leap, positioning GIFT City not just as a business district, but as a global nerve center for future-ready urban living.
Key Developments Shaping GIFT City’s New Identity
1. Smart Infrastructure and Urban Planning
- GIFT City’s masterplan expansion to over 3,300 acres is nearing completion, promising vibrant social infrastructure including residential zones, schools, hospitals, and business clubs
- The city integrates AI, IoT, and blockchain into its urban fabric, ensuring real-time governance, energy efficiency, and seamless connectivity
- Wastewater recycling, smart grids, and digital-first public services reflect its commitment to sustainability and resilience
2. Financial Services and Global Investment Gateway
- GIFT City continues to attract global banks, fund managers, and fintech firms. It now hosts over 400 companies including Bank of America, Citibank, BSE, NSE, and Oracle
- Average daily turnover at GIFT City’s exchanges has reached 4 billion dollars, underscoring its growing clout in international finance
- ICICI Prudential Asset Management inaugurated its IFSC branch, launching a restricted scheme to channel global capital into Indian markets. This move aims to bridge international investors with India’s growth story
3. Accounting and Compliance Revolution
- The Institute of Chartered Accountants of India (ICAI) has relaxed exclusivity norms, allowing Chartered Accountants to set up mirror firms in GIFT IFSC without losing domestic empanelment
- CAs can now hold dual Certificates of Practice (COPs)—one for India and another for countries like the UK, Australia, and Canada—enabling global service delivery
- These reforms are expected to bring a surge in bookkeeping, accounting, taxation, and financial crime compliance firms to GIFT City, creating thousands of new jobs
4. Global Capability Centres (GCCs) and Talent Leadership
- ICAI and the International Financial Services Centres Authority (IFSCA) have launched a strategic initiative to promote GIFT City as a hub for GCCs
- The recent GCC Summit themed “From Ledgers to Global Leadership” convened policymakers, investors, and industry leaders to explore India’s strategic advantage in the GCC ecosystem
- Over 20 tech firms and 10 accounting firms have already set up base, with more expected to follow
5. Education and Innovation Partnerships
- GIFT City has signed a memorandum of understanding with QS Quacquarelli Symonds to attract global universities and foster collaborative research
- The partnership aims to internationalize education, promote thought leadership, and build a thriving academic ecosystem within the city
- This move aligns with India’s Smart Cities Mission and Digital India initiative, reinforcing GIFT City’s role as a knowledge and innovation hub
Strategic Outlook and National Significance
- GIFT City’s rise in the Global Financial Centres Index—from 52nd to 46th overall and 45th to 40th in fintech—reflects its growing global reputation
- Prime Minister Narendra Modi’s renewed vision for GIFT City includes positioning it as a climate finance hub and a model for future urban development
- With its tax-neutral status, globally benchmarked regulations, and integrated infrastructure, GIFT City is poised to rival financial capitals like Dubai, Singapore, and London
Conclusion
GIFT City is no longer just a financial experiment—it’s India’s boldest urban innovation. By fusing finance, technology, education, and sustainability, it offers a blueprint for cities of the future. As global investors, educators, and technologists converge on this smart city, GIFT City is set to redefine India’s place in the world economy.
Sources: Times of India, Business Standard, Express Computer, Rediff.com, News18, Economic Times, BusinessWorld
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