About the Gift City
# GS III Indian Economy
- The first international educational institutions to establish campuses in GIFT City, Gujarat, will be two Australian government universities: Deakin University and University of Wollongong. Together with former Australian cricketer Adam Gilchrist and Australia’s Minister for Education Jason Clare, Dharmendra Pradhan made the announcement on Wednesday.
- Gujarat International Finance Tec City (GIFT City), the first and only International Financial Services Centre (IFSC) in India, is where banks, stock exchanges, and financial services companies have established their international operations.
- Over 62 million square feet of built-up space, including 67% commercial, 22% residential, and 11% social space, are expected to be developed over 886 acres.
- Multi Service SEZ: The entire city project has been divided into a 625-acre exclusive domestic tariff region and a 261-acre multi-service Special Economic Zone (SEZ) (DTA).
- Tax Exemptions: The Center has granted a number of tax exemptions to organisations that launch their international activities in the GIFT City. Due to this, the BSE and NSE each established their own international stock exchanges, 17 banks—including 12 domestic and 5 foreign banks—received operating licences, there are more than 100 broking services, depository clearing operations, and more than 19 companies have started up their non-life reinsurance businesses.
- The Center has also passed tax incentives for transferring foreign funds into the IFSC, an exemption for foreign banks’ investment divisions, a tax holiday for capital gains for aircraft leasing firms, and a tax exemption for aircraft lease rentals paid to foreign lessors.
- Resolution of Disputes: The International Bullion Exchange and Singapore Arbitration Centre have both been established since Singapore is a centre for international financial services.
- The IFSC aims to bring the financial services and transactions that Indian corporate entities, as well as overseas branches and subsidiaries of financial institutions, currently conduct in offshore financial centres back to India by providing top-notch infrastructure and a regulatory environment that complies with international standards.
GIFT City: Future:
- Comprehensive Development (Office, Residential & Institutional).
- Different Services Special Economic Zone (SEZ).
- India’s primary hub for international financial services (IFSC).
- Infrastructure that is sustainable, green, and intelligent.
- sufficient room for one window.
- life quality.
- Availability of talent.
GIFT City: Advantages:
- The GIFT City has emerged as the top site for both local and foreign businesses as a result of the Central Government’s aggressive help in positioning the nation as a hub of international financial services.
- Tax incentives also improve investment returns.
- Many new jobs will be created. By 2020, the GIFT City project will create 10 lakh direct jobs, according to a 2007 assessment by M/s Mckinsey & Co.
- For GIFT City to maintain its high standard of living and economic prosperity, infrastructure is crucial. Infrastructure services are provided by intelligently combining current technologies and international best practises. Together, these components offer a high standard of living and employment around the world.
- Over the coming years, The GIFT City is anticipated to gain in significance as more companies choose to establish operations there.
Source à The Hindu