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GIFT City
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 | This article needs to be updated. (February 2025) |
 | This article contains promotional content. (June 2026) |
GIFT City | |
|---|---|
| Gujarat International Finance-Tec City | |
Drone view of GIFT City Night view BIFC GIFT Towers BSE Brokers Forum | |
 | |
 Interactive map of GIFT City | |
| Country |  India |
| State | Gujarat |
| District | Gandhinagar |
| Administrative division | |
| Metro | Ahmedabad Metro |
| Establishment | 10 April 2015 |
| Founded by | Narendra Modi |
| Government | |
| • Body | Gujarat International Finance Tec-City Company Limited |
| Area | |
• Total | 15.5 km2 (6.0 sq mi) |
| Language | |
| • Official | Gujarati, Hindi, English |
| Time zone | UTC+5:30 (IST) |
| Pincode(s) | 382426 |
| Area code | 091 |
| Website | www |
Gujarat International Finance Tec-City, also called GIFT City, is India's first International Financial Services Centre and a greenfield smart city on the banks of the Sabarmati River in Gujarat's Gandhinagar district. In 2020, GIFT IFSC ranked 10th in the Global Financial Centres Index.[1][2] In 2025, it was ranked 40th in fintech and 46th overall in the Global Financial Centres Index, which included 119 financial centres.[3]
GIFT City is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport.[4][5][6][7] It includes commercial, financial and residential complexes, and is designed to be a walkable city. It is connected through 4–6 lane state and national highways, and the GIFT City metro station links it to the Ahmedabad Metro network.[8] The total development area is 359 hectares (886 acres), of which the special economic zone (SEZ) constitutes 106 hectares (261 acres).[9] In July 2025, Sanjay Kaul was appointed managing director and Group CEO.
Several multinational banks, including JP Morgan, Standard Chartered, Deutsche Bank, Citibank, HSBC. Barclays Bank, Bank of America, DFCC Bank, and Qatar National Bank have set up offices at the IFSC.[10] In addition, the city hosts 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, and India's first international bullion exchange with 75 jewellers.[11][12] Two Australian universities have also established a presence in the city as of November 2023.[13] The city's name signifies the government's intention to promote it as a global financial and business services hub.[14]
The city has fallen short of its promises: against projected 10 lakh jobs, only about 9,000 by mid-2019, with just 3 out of the 62 million square feet built. The government blamed the financial crisis, the absence of regulators until 2014, and IL&FS's financial difficulties. Even by late 2023, the city remained sparse after business hours, prompting Singapore's High Commissioner to call it "quite a ghost town". The tax breaks and incentives given to businesses were compared with the government establishing a tax-haven; the government defended the framework as a well-regulated tax architecture.
History
On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.[17]
On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, of enterprise business of Huawei India, this technology included networks, data centres and surveillance.[18]
On 2 October 2014, NetIndian reported a new World Trade Centre would be set up in GIFT City as per an agreement between the World Trade Centre India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.[19]
BSE Broker's Forum planned to invest ₹1.2 billion (equivalent to ₹1.7 billion or US$17 million in 2023) to build a commercial tower to set up back-office operations. They were allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower with the likelihood of setting up an exchange office.[20]
According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest ₹5 billion (equivalent to ₹8.0 billion or US$83 million in 2023) over the next few years to develop 0.10 million square metres (1.1 million square feet) of built-up area with a future option of investing another ₹6 billion (equivalent to ₹9.6 billion or US$100 million in 2023) to develop 0.16 million square metres (1.7×106 sq ft).[21]
In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project.[22] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹320 million (equivalent to ₹380 million or US$3.9 million in 2023) equity value to the state government.[23]
According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.[24]
On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.[25]
On 6 January 2020, Accor opened the first international hotel in GIFT City.[26]
On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.[27]
In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre.[28] Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty",[29] and India's first international bullion exchange was opened.[30]
In December 2025, Business Standard reported IDFC FIRST Bank opened a IFSC banking Unit in GIFT City[31]
Implementation
Construction timeline
Major construction events in GIFT City, Gujarat, India:
| Timeline |
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2007:
2008:
2009:
2010:
2012:
2013:
2014:
2015:
2016:
2017:
2019:
2021:
2023:
2024: 2025:
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Consultants
- Owner – The Amazing
- Design and Architecture – East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
- Construction – IL&FS, AECOM India, L&T Infrastructure Engineering, CBRE India
- ICT Advisory Services – British Telecom
- Market Demand Assessment – McKinsey & Company
- Talent Demand Assessment – Hewitt Associates
- Environmental Assessment – IL&FS Ecosmart Ltd
- Process Management – IL&FS Infrastructure Development Corporation Ltd
- Power Management – ABB Group[45]
- Ernst & Young – Advisory services to various aspects of GIFT City, such as legal and regulatory compliance, tax planning, and risk management.[46]
- KPMG – provides a consulting services to GIFT City for financial services, real estate, and infrastructure, which can be beneficial for clients operating in GIFT City.[47][5]
- Deloitte – provides a tax planning, regulatory compliance, and risk management services to GIFT City.[7]
- Grant Thornton – They offer a range of services, including accounting, tax, and advisory services, which can be beneficial for client[48][49][50]
Status
As part of Phase-I development, around 780,000 square metres (8.4×106 sq ft) of built-up area has already been allotted from the 1,200,000 square metres (13×106 sq ft) available for commercial, residential and social use.[47] On 11 September 2019, Tapan Ray, EX-managing director and Group CEO of GIFT City, said the city had attracted around ₹110 million (equivalent to ₹140 million or US$1.4 million in 2023) of investment.[51]
Divisions
| Zones | Area |
|---|---|
| SEZ – PA | 61.1829 ha (151.186 acres) |
| SEZ – N PA | 44.2557 ha (109.358 acres) |
| TOTAL (SEZ) | 105.4386 ha (260.544 acres) |
| DTA | 252.93 ha (625.0 acres) |
| GRAND TOTAL | 358.3686 ha (885.548 acres) |
The total area for the development of GIFT is 359 hectares (886 acres) out of which the SEZ (Special Economic Zone) constitutes 106 hectares (261 acres). The project area under development can hence be classified under the SEZ area and the non-SEZ area (also known as the Domestic Tariff area or the DTA).[52]
As of June 2025, GIFT City had 939 registered entities. The hub currently houses 47 insurance firms and 272 funds, with more than 100 foreign companies, half of which joined in the last year.[53]
The state level approval has been received for both the airport link and the internal extension at GIFT City and are now awaiting the Centre's nod. The metro extension inside GIFT City will cover around 7km. It will be linked to the current GNLU-GIFT City metro line.[54]
Protection of Interest in Aircraft Objects Bill passed in Parliament this year which granted legal authority to the Cape Town Convention in India[55]. Modi noted during his address that the new Act opens fresh opportunities for global aircraft leasing companies in India. He also pointed to the incentives offered at Gift City, stating that these measures have made India an attractive destination for aircraft leasing.
Tax benefits
GIFT City, through its International Financial Services Centre (IFSC), provides several tax benefits aimed at luring both domestic and international investments.[56] These incentives include exemptions from certain taxes for companies under the new tax regime, tax holidays for specific sectors, and GST-free services for IFSC SEZ units. Further perks include various state subsidies and tax exemptions for exchanges established under the IFSC.[57][58]
Liquor Policy in GIFT City
In December 2023, the Government of Gujarat authorized the controlled consumption of liquor within Gujarat International Finance Tec-City (GIFT City). This policy permits liquor to be served in restaurants, hotels, and clubs within GIFT City, but only to its permanent employees and their authorized visitors, as sanctioned by the respective companies' human resources departments. The sale of liquor bottles remains prohibited.[59][60][61]
Administration
Gujarat International Finance Tec-City Company Limited
The Government of Gujarat formed "Gujarat International Finance Tec-City Company Limited" (GIFTCL) to develop and implement GIFT City through its venture Gujarat Urban Development Company Limited (GUDCL). GIFT City is an 359-hectare (886-acre) integrated project[62] that creates 62 million square feet of built-up area, including 67% commercial space, 22% residential space and 11% community space.
GIFT Managing Bodies
For the purpose of implementation of the SEZ, GIFT Company Limited has set up an SPV (Special Purpose Vehicle) (100% subsidiary of GIFTCL) namely GIFT SEZ Ltd, designated as the developer organization of the SEZ. GIFTCL has also set up 5 subsidiary companies for the implementation of specialized infrastructure including Power, Water, ICT (Information & Communication Technology), District Cooling and solid waste management.[7]
- Gift Power Company Limited
- Gift Waste Management Services Limited
- Gift Water Infrastructure Limited
- Gift ICT Services Limited
- Gift Collective Investment Management Company Limited
- Gift SEZ Limited
Critical assessment
Employment, investment, and occupancy shortfalls
The city's early performance fell short of its original ambitions. Promoters had projected over one million jobs within a decade of launch, but by May 2019, about 8 years after construction began, only about 9,000 jobs had materialised, and only about 3 million of the planned 62 million square feet had been built.[63] Officials and analysts cited the 2008 global financial crisis, the absence of a clear regulatory framework till 2014, and the financial difficulties faced by IL&FS as contributing factors. A professor at the Indian Institute of Management described the project as "impractical" because of location and skill availability. However, in recent years, the city has grown substantially faster.
Land acquisition and compensation disputes
Development of GIFT city has led to legal disputes with local farmers. In March 2019, the Gujarat High Court ordered the state government to recalculate compensation for dozens of farmers, finding that the legally required compensation had never been paid.[64]
"Ghost city" and social infrastructure
Singapore's High Commissioner to India, Simon Wong, described the GIFT city as "quite a ghost town after working hours" since only limited amenities remain available. By late 2023, the city hosted only one five-star hotel and a few restaurants, and only one residential project had been completed.[65]
Tax-haven characterisation
The tax concessions given to businesses in the city have drawn comparisons to offshore tax-havens, such as Mauritius and Cayman Islands, as it has significant tax-haven characteristics.[66] Others have argued that the city is not a tax shelter, but an example of tax architecture designed to attract investments and given stringent compliance requirements.[67]
See also
References
- ↑ Reporter, B. S. (3 October 2017). "GIFT City's IFSC bags 10th place in Global Financial Centres Index". www.business-standard.com. Archived from the original on 22 April 2023. Retrieved 22 March 2023.
- ↑ S, Rajalakshmi (2 October 2017). "GIFT-IFSC ranks at 10th place in Global Financial Centres Index". www.thehindubusinessline.com. Archived from the original on 22 April 2023. Retrieved 22 March 2023.
- ↑ "GIFT City climbs global financial centre index, bolsters its hub status". 26 March 2025.
- ↑ "THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)". www.gudcltd.com. Archived from the original on 9 June 2019. Retrieved 2 February 2018.
- 1 2 "GIFT makes steady progress; witnesses a 'hockey stick growth curve'". www.businesstoday.in. 17 January 2018. Archived from the original on 25 June 2018. Retrieved 1 November 2018.
- ↑ Subramanian, N. Sundaresha (1 February 2018). "More gifts for GIFT City may stop flight of capital to Singapore". The Economic Times. Archived from the original on 24 June 2018. Retrieved 2 February 2018.
- 1 2 3 "Developments of Gandhinagar". Archived from the original on 31 December 2019. Retrieved 14 September 2018.
- ↑ "Direct metro links to Gandhinagar, GNLU & Gift City".
- ↑ Rodrigues, Jeanette; Sircar, Subhadip (29 November 2022). "India's Free-Market Oasis Aims to Take On Singapore and Dubai". Bloomberg News. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
- ↑ "Gujarat: 8 international banks set up offices at GIFT City". The Times of India. 28 May 2022.
- ↑ "Why Google Chose Gujarat For Its Global Fintech Operations Hub". Forbes India. Archived from the original on 29 June 2023. Retrieved 29 June 2023.
- ↑ "Google To Set Up A Centre In GIFT City — Will This Boost The Fintech Ecosystem In India?". Forbes India. Archived from the original on 26 June 2023. Retrieved 26 June 2023.
- ↑ Langa, Mahesh (7 November 2023). "Two Australian Universities open in GIFT City". The Hindu. Retrieved 7 November 2023.
- ↑ "Gujarat International Finance Tec-City" (PDF). GIFT City. Archived (PDF) from the original on 5 April 2023. Retrieved 30 March 2023.
- ↑ "PM Modi to inaugurate 16-storey international exchange in Gujarat to rival Singapore, Dubai". India Times. Indo-Asian News Service. 9 January 2017. Archived from the original on 11 January 2017. Retrieved 16 January 2017.
- ↑ "PM Narendra Modi launches India's first international stock exchange". India Today. 13 January 2017. Archived from the original on 25 October 2021. Retrieved 16 January 2017.
- ↑ "Singapore firms get Gujarat International Finance Tec City (GIFT) invite – The Economic Times". Articles.economictimes.indiatimes.com. 15 December 2011. Archived from the original on 22 January 2012. Retrieved 3 January 2017.
- ↑ "China's Huawei to provide tech for GIFT". The Times of India. 16 December 2011. Archived from the original on 16 January 2012. Retrieved 3 January 2017.
- ↑ "GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian". Netindian.in. 2 October 2014. Archived from the original on 8 November 2014. Retrieved 3 January 2017.
- ↑ "BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 15 October 2014. Archived from the original on 18 November 2014. Retrieved 3 January 2017.
- ↑ "Brigade Group to invest Rs 500 crore in GIFT City as co-developer – Times of India". Timesofindia.indiatimes.com. 18 October 2014. Archived from the original on 20 October 2014. Retrieved 3 January 2017.
- ↑ "Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani". The Wire. Archived from the original on 27 November 2018. Retrieved 29 January 2019.
- ↑ "IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore". The Economic Times. 8 June 2020. Archived from the original on 21 June 2020. Retrieved 9 June 2020.
- ↑ Bhayani, Rajesh (14 January 2019). "Boost for AIF biz at Gift city as top fund administrator gets license". Archived from the original on 29 January 2019. Retrieved 29 January 2019 – via Business Standard.
- ↑ Umarji, Vinay (6 December 2019). "Bank of America opens Global Business Services Center at GIFT-IFSC". Business Standard India. Archived from the original on 14 January 2020. Retrieved 23 January 2020.
- ↑ "Accor opens the first international hotel in GIFT City". Travel Daily. 6 January 2020. Archived from the original on 15 February 2023. Retrieved 23 January 2020.
- ↑ Das, Saikat (20 January 2020). "GIFT City to begin trading in rupee-dollar in futures market". The Economic Times. Archived from the original on 10 July 2020. Retrieved 23 January 2020.
- ↑ "The Economic Times: JPMorgan, Deutsche and MUFG's entry to give Gift City a big boost". Archived from the original on 12 July 2022. Retrieved 12 July 2022.
- ↑ "PM to launch SGX Nifty trade at GIFT". The Economic Times. Archived from the original on 12 July 2022. Retrieved 12 July 2022.
- ↑ "India's first international bullion exchange to be inaugurat ." The Times of India. Archived from the original on 12 July 2022. Retrieved 12 July 2022.
- ↑ Chadha, Sunaina (17 December 2025). "IDFC FIRST Bank launches zero-fee USD, EUR global savings account for NRIs". Business Standard. Archived from the original on 17 December 2025. Retrieved 7 March 2026.
- ↑ "GIFT city" (PDF). Archived (PDF) from the original on 22 March 2023. Retrieved 28 March 2023.
- ↑ "Special Report: The remaking of Narendra Modi". Reuters. 12 July 2013. Archived from the original on 22 March 2023. Retrieved 28 March 2023.
- ↑ "GIFT City completes first phase of Online Development Approval System". Business Standard. 10 February 2015. Archived from the original on 28 March 2023. Retrieved 28 March 2023.
- ↑ "GIFT One – The Skyscraper Center". www.skyscrapercenter.com. Archived from the original on 21 March 2023. Retrieved 28 March 2023.
- ↑ "Google to open global fintech operation centre at GIFT City". The Times of India. 25 June 2023. ISSN 0971-8257. Archived from the original on 30 June 2023. Retrieved 3 July 2023.
- ↑ "Google CEO Sundar Pichai unveils plans for fintech hub in GIFT City, Gujarat". cnbctv18.com. 24 June 2023. Archived from the original on 3 July 2023. Retrieved 3 July 2023.
- ↑ "SGX Nifty is now Gift Nifty!". TalkOptions. 5 July 2023. Archived from the original on 20 July 2023. Retrieved 18 July 2023.
- ↑ Agarwal, Nikhil (3 July 2023). "SGX Nifty is now Gift Nifty. Timings, how to check data & key changes explained". The Economic Times. Archived from the original on 6 July 2023. Retrieved 18 July 2023.
- ↑ Birani, Tarun (7 July 2025). "GIFT City: India's gateway for global fund access". Fortune India. Retrieved 3 December 2025.
- ↑ Nair, Avinash (14 August 2025). "Mumbai-based education entity files DRHP for first equity IPO at GIFT IFSC in Gujarat". BusinessLine. Retrieved 3 December 2025.
- ↑ Marketing, Passionate in (20 September 2025). "GIFT City Hosts Grand Navratri Celebrations 2025". Passionate in Marketing. Retrieved 3 December 2025.
- ↑ Deshpande, Abhinay (26 September 2025). "GIFT City targets $500 billion financial opportunity at GIBF 2025". The Hindu. ISSN 0971-751X. Retrieved 3 December 2025.
- ↑ "EDTECH".
- ↑ "ABB will power up the world's biggest financial district". Abb.com. 13 August 2008. Archived from the original on 24 August 2008. Retrieved 3 January 2017.
- ↑ "How Budget 2023 has increased the attractiveness for IFSC, GIFT IFSC". www.ey.com. Archived from the original on 28 March 2023. Retrieved 28 March 2023.
- 1 2 "News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017". Vibrantgujarat.com. Archived from the original on 11 November 2014. Retrieved 3 January 2017.
- ↑ operating in GIFT City. "GIFT city – Grant Thornton".
{{cite web}}: Check|url=value (help) - ↑ "GIFT city – Grant Thornton". Archived from the original on 28 March 2023. Retrieved 28 March 2023.
- ↑ "Gujarat International Finance Tec (GIFT) City". Grant Thornton Bharat. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
- ↑ Rishi Iyengar (11 September 2019). "30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city". CNN. Archived from the original on 20 September 2019. Retrieved 9 January 2020.
- ↑ "GIFT City division" (PDF). wtcgiftcity.org. Archived (PDF) from the original on 28 March 2023. Retrieved 28 March 2023.
- ↑ "GIFT IFSC set to cross 1k registrations, $100 billion assets". The Times of India. 20 August 2025. ISSN 0971-8257. Retrieved 3 December 2025.
- ↑ "Ahmedabad-Gandhinagar Metro to touch down at airport, extend into GIFT City". The Times of India. 29 April 2025. ISSN 0971-8257. Retrieved 3 December 2025.
- ↑ "'India presents excellent investment opportunity': PM Modi praises domestic carriers at IATA". The Financial Express. 2 June 2025. Retrieved 3 December 2025.
- ↑ "GIFT City explained: History & tax incentives of India's first 'Smart City'". The Hindu. 29 August 2022. ISSN 0971-751X. Archived from the original on 18 May 2023. Retrieved 20 June 2023.
- ↑ "Tax Benefits for GIFT City: Unlocking India's Financial Potential". 16 June 2023. Archived from the original on 20 June 2023. Retrieved 20 June 2023.
- ↑ "GIFT City: A Game-changer for Indian Startup Ecosystem". 27 April 2023. Archived from the original on 20 June 2023. Retrieved 20 June 2023.
- ↑ "Liquor allowed in Gujarat's GIFT City, but is this the only game changer it needs?". India Today. 26 December 2023. Retrieved 26 December 2023.
- ↑ "Opinion: Gujarat Hub Turns "Ghost Town" After Work Hours. Solution: Liquor". NDTV.com. Retrieved 26 December 2023.
- ↑ www.ETRetail.com. "Liquor in GIFT City: Industry leaders hail Gujarat govt's move as progressive, bold – ET Retail". ETRetail.com. Retrieved 26 December 2023.
- ↑ "How Big Is GIFT City? A Simple Breakdown of India's New Financial Hub – MostlyNRI". 25 November 2025. Retrieved 3 December 2025.
- ↑ "Jobs deficit: Why Gujarat's GIFT City is struggling to create employment". Business Standard. 24 May 2019. Retrieved 26 August 2026.
- ↑ "Pay farmers market rate for land for Gift City road, Gujarat High Court tells state". DNA India. Retrieved 26 August 2026.
- ↑ Phadke, Manasi (16 October 2023). "Gujarat GIFT city has been holding its breath for greatness. It's a lifeless ghost town now". ThePrint. Retrieved 26 August 2026.
- ↑ Chand, Aryan (13 May 2026). "GIFT City in Comparative Perspective: Tax Haven Characteristics, Economic Impact, and Ethical Implications". Critical Debates in Humanities, Science and Global Justice: An International Journal for Emerging Scholars. Retrieved 26 August 2026.
- ↑ Bhatt, Aditya (8 May 2026). "GIFT City Is Not A Tax Shelter. It Is A Tax Architecture. And The Difference Matters". Outlook Business. Retrieved 26 August 2026.
External links
