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Modi’s GIFT to India gets ready for a global pitch; project awaits unified regulator, tax certainty

Gujarat International Finance Tec-City or GIFT City, Modi’s troubled pet project, has been receiving clearances and approvals in double quick time. With physical and regulatory infrastructure largely in place, the proposed mega financial hub now needs to cross a few more hurdles before it begins to woo global investors. A ground report from GIFT City on the outskirts of Ahmedabad.
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nsundareshasubramanian
28 Aug 2019 12 Mins Read 0 comment
The towers on the left fall in the domestic-tariff area while those across the road are in the IFSC area. Together, they account for 9,000 jobs today at the Gujarat International Finance Tec-City near Ahmedabad; courtesy of N Sundaresha Subramanian
The towers on the left fall in the domestic-tariff area while those across the road are in the IFSC area. Together, they account for 9,000 jobs today at the Gujarat International Finance Tec-City near Ahmedabad; courtesy of N Sundaresha Subramanian
On a trip to Singapore in 2007, strolling along the Singapore river in Boat Quay with Narendra Modi, silhouetted against the brilliantly lit skyline of the city’s central banking district, veteran lawyer Nishith Desai floated the idea of an onshore financial centre to the then chief minister of Gujarat. By then, Modi had seen a few presentations on setting
past three years, and it is time to communicate with the world and keep on building the ecosystem, feel GIFT City evangelists. “With a few more things in place, we will have a good story,” says Desai, adding, “then we have to take the story around the globe. It is more about the storytelling." ( Graphics by Sadhana Saxena)
On a trip to Singapore in 2007, strolling along the Singapore river in Boat Quay with Narendra Modi, silhouetted against the brilliantly lit skyline of the city’s central banking district, veteran lawyer Nishith Desai floated the idea of an onshore financial centre to the then chief minister of Gujarat. By then, Modi had seen a few presentations on setting past three years, and it is time to communicate with the world and keep on building the ecosystem, feel GIFT City evangelists. “With a few more things in place, we will have a good story,” says Desai, adding, “then we have to take the story around the globe. It is more about the storytelling." ( Graphics by Sadhana Saxena)

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