An emergent India represents a bright beacon on the shores of financial growth hubs. GIFT (Gujarat International Finance Tec-City), India’s first International Financial Services Centre, embodies this vision with conducive multi-service SEZ and an exclusive domestic zone. A fully integrated city with a walk-to-work culture, it has the next-in-class infrastructure, connectivity, people, technology and legal framework — emerging as a platform for businesses across the world. GIFT City is emerging as the new financial capital of the world’s financial capitals.
Genesis
The last decade has seen unprecedented growth in India’s financial services sector. It employs over 3 million people, constitutes about 5% of the GDP and has an estimated market capitalisation of over $ 200 billion. As India experiences continued economic growth, the financial sector could generate about 10-11 million jobs and a GDP contribution of $ 350 billion to 400 billion by 2020. With a sustained growth and rapid development in technology and infrastructure, an increasing share of financial services would get centralized. McKinsey & Company’s market assessment report estimates potential of about six million centralised jobs across multiple service roles.
Several developed countries have successfully established high-tech financial hubs, which over time have catered as international financial services centers. These centers provide suitable regulatory regimes and create a business environment to promote talent and increase capital flow. As they develop, they create significant economic value for their domestic economies, e.g. London and New York account for 10% of the GDP and about 5% of jobs. Emerging financial services centers like Singapore and Hong Kong have achieved similar levels of concentration of economic activity over short periods of time.
How to Unlock the Potential
India is not able to fully realise its vast potential in financial services because our cities do not have the required infrastructure. If India wants to compete with international financial hubs, our cities will have to provide global standards in infrastructure, office space, internet and telephone connectivity and lifestyle opportunities which would attract top talent.
GIFT’s Positioning
GIFT aspires to cater to India’s large financial services potential by offering global firms world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life.
It is estimated that GIFT would provide 500,000 direct and an equal number of indirect jobs which would require 5.76 million square meter of real estate office and residential space.
As they develop, they create significant economic value for their domestic economies, e.g. London and New York account for 10% of the GDP and about 5% of jobs. Emerging financial services centers like Singapore and Hong Kong have achieved similar levels of concentration of economic activity over short periods of time.
Concept
The concept of GIFT City embodies the following vision: “To design a CBD that will serve as a paradigm for Next Class city in terms of quality of life, infrastructure and ambience aiming to be high-density and high-rise, treating land as a precious resource.” GIFT is conceptualised as a global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked financial centers such as Shinjuku, Tokyo, Lujiazui, Shanghai, La Defense, Paris, London Dockyards etc.
GIFT is planned as a financial Central Business District (CBD) between Ahmedabad and Gandhinagar as a greenfield development. GIFT shall be a part of the future urban complex of Ahmedabad and Gandhinagar. More particularly, state-of-the-art connectivity, infrastructure and transportation access have been integrated into the design of the city.
The GIFT Master Plan reflects a sophisticated planning approach that integrates the intended programme into the existing context of both the site and the region. The GIFT development is expected to become a contemporary model development in India, advancing the ideas of sustainability and ecology. The project regenerates the area as high-quality, mixed use district of residential, commercial and open space facilities that optimise land and real estate values.
Propelled by a competitive economy anchored on commerce and related industry, GIFT, envisaged as an Eco-City, will serve as the Vibrant Hub of Western India and as a habitat showcasing business oriented, environmentally-sensitive growth with equity.
The development of GIFT offers a significant opportunity to be a test-bed to drive reforms and innovation in various fields including in delivery systems, local government, infrastructure development, environmental protection and so on.