Gift City Smart City in India PM Modi Dream Project How India’s First Smart City Will Be Different Abpp

Gujarat International Finance Tec-City (REGAL city): Gleaming buildings, clean roads, luxurious corporate offices, luxurious homes, luxurious hotels, great business deals, great salaries and talent from all over the world… Such a smart city in India is almost ready. . The name of this city is ‘Gujarat International Finance Tec-City (GIFT)’. This gift city, which was dreamed by PM Modi in 2008.

Although Prime Minister Narendra Modi launched the Smart City Mission on June 25, 2015, under which 100 new ‘smart cities’ will be built in the country. But the dream of Smart City was seen by Prime Minister Modi in 2008 itself. Narendra Modi, the then Chief Minister of Gujarat, had envisioned a city that could be at par with Shanghai, Singapore, New York and London. The reason for creating a smart city is to promote the economic development of India by realizing the development of the local areas, using technology, so that the quality of life of the people can be improved. At the same time, Prime Minister Modi has an ambitious plan to build 100 new “smart cities” in the country.

The Prime Minister’s dream took shape
Now, after 14 years, PM Modi’s dream has taken shape. The dream that the Prime Minister had seen has now landed on the ground to join the progress of India. Indeed, Gujarat International Finance Tec-City (GIFT) is the dream project of PM Modi. On July 29, 2022, Prime Minister Modi inaugurated the country’s first and third Indian International Bullion Exchange (IIBX) here. This exchange center has been built right in the middle of the ‘City of Gifts’. How to make a gift, what facilities are there. In the coming time, how it will attract foreign companies to India, we will know everything in this story.

What the Prime Minister said during the inauguration
On India’s first ‘IT Service Centre’, Gujarat International Finance Tec-City (GIFT) in Gandhinagar, PM Modi said that with its launch, India will join the league of hubs global financiers from countries such as USA, UK and Singapore. . Inaugurating the International Bullion Exchange, Prime Minister Modi said, India is a big market for gold, Indians’ love for gold has turned into a great economic power for women . The bullion exchange will become the main import center for gold and silver, through which gold and silver can be bought on the international market.

Facilities in the existing REGAL city
Chartered Speed ​​​​Limited Company has launched four electric buses and a fleet of 20 electric bicycles to assist commuters in GIFT City. With this the people who work here will be able to come and go easily. At the same time, the company plans to increase this fleet to 50 electric buses in the next 12 to 18 months. We tell you that GIFT City was started in 2008, at that time there was an economic slowdown all over the world. The works of GIFT City were stopped for some time due to the economic slowdown.

What is Gift City?
In 2008, Narendra Modi, the then Chief Minister of Gujarat, first announced that the state government would build a “Nano City” and the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. Addressing the ‘Invest Gujarat’ summit organized by ASSOCHAM, Modi had said that the land between Ahmedabad and Gandhinagar would have office space, residential apartments, schools, hospitals, hotels, retail and other facilities. entertainment in the central business district. (CBD). ) will be developed as

How Gift City got off the ground
Initially, the consulting firm McKinsey & Corporation surveyed the land for this. After that, GIFT City was launched as a joint venture between state-owned Gujarat Urban Development Company Limited and Infrastructure Leasing and Financial Services Limited (IL&FS). An initial budget of Rs 78,000 crore was also fixed for this.

886 acres of land has been earmarked for the planning of GIFT City, with a built-up area of ​​62 million square feet. Of this, 67 percent is made up of commercial space, 22 percent residential and 11 percent social. This place is 12 km from Ahmedabad Sardar Vallabhbhai Patel International Airport and 8 km from Gandhinagar on the banks of Sabarmati. The GIFT City project was initially halted due to the US economic crisis of 2008. However, the project was restarted in 2011.

Govt diverted attention from BKC!
It is worth noting that GIFT City was earlier launched as a real estate project, but after Narendra Modi became the Prime Minister in 2014, the project was transformed as India’s first smart city. In the 2015-16 Union Budget, the then Finance Minister Arun Jaitley compared GIFT City to a global financial center like Singapore and Dubai. Simultaneously, Jaitley drew the attention of the central government from the financial hub of Mumbai (Bandra-Kurla complex) to GIFT City.

Gift in lieu of Bandra-Kurla Complex
Earlier, the Congress-led UPA government had focused on developing Mumbai’s Bandra-Kurla Complex (BKC) as a financial hub. In 2007, a committee headed by Percy Mistry, a former World Bank official, recommended making Mumbai a BKC hub on the lines of New York, London and Singapore. Since then, the Maharashtra government-led Metropolitan Region Development Authority (MMRDA) has encouraged BKC to open its Indian branches to global companies. However, GIFT City may face many difficulties due to lack of geographical location like Mumbai.

What’s in Gift City?
Explain that GIFT City mainly includes banks, capital market institutions, insurance companies and captive manufacturing units. Here, as on date, there are 142 Special Economic Zone (SEZ) units in operation. Apart from this, there are international exchanges that do business at an average of $4 billion per day. Banking business in IFSC is up to $28 billion by 2020 and eye insurance business up to $30 billion.

more than 200 companies
There are more than 200 companies in GIFT City. At the same time, there is the Bombay Stock Exchange, the Brokers’ Forum and the National Stock Exchange in its Special Economic Zone. Along with this, there are international banks like Yes Bank, Federal Bank, State Bank of India, Standard Chartered. Major insurance companies like Edelweiss, New India Assurance and Life Insurance Corporation of India (LIC) are present here.

These big companies also exist
GIFT is home to two of Gujarat’s tallest commercial buildings – GIFT One and GIFT II. While the buildings of other offices of Gujarat Industrial Development Corporation, Prestige Group and Hiranandani Group are located here. Non-IFSC areas include Tata Consultancy Services, Oracle, HDFC Bank, Bank of Baroda and National Insurance Company. GIFT includes various residential complexes and schools as well as facilities such as petrol pumps, hospitals, business clubs and hotels. Apart from this, GIFT has facilities of international standard.

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