"We like to work here, which is no different from work in Delhi or Mumbai. But we hope that social life can be better. There is nothing to do after get off work," said Niharika and Seema.They are about to go downstairs to the office to have lunch in the office, and the author meets them in an appointment.In the past year and a half, these 20 -year -old young people have worked in a foreign bank in Giftn, Gujarat."There are a lot of young people who work here like we are living here in Ahamamada or Nagal," they said, before they hurriedly left lunch, they pointed at the busy building activities around them.

Gift City covers an area of ​​1,000 acresBangalore Wealth Management. It is only a 20 -minute drive from the Sardar Vallabhbhai Patel International Airport. If you want to describe the city in a word, it is a crazy event.The project is carried out at a crazy speed -residential apartment, a school, and even a hospital is built around the office building. These buildings are composed of steel and glass, and they are bustling on the vast open space.The Gujarat International Financial Technology City (Gujarat International Financial Technology City) announced in June 2007 is one of the long -term ambitions in India. It aims to establish an international financial service center (IFSC) similar to Singapore and DubaiAgra Investment. It is now ready to take off.Essence

The project is considered to be the favorite project of Indian Prime Minister Narendra Modi, and has been promoted by the central government in recent years.Several companies in the field of financial services have set up office in Gift City.Gift City is currently estimated to have 400 offices and 26,000 people work there.

One of the key reasons for this progress is the International Financial Services Center Administration (IFSCA), which was established in April 2020 in accordance with the "2019 Indian International Financial Services Center Administration Act".In the past few years, it has been focusing on formulating comprehensive regulations to promote the development of this place and continue to discuss with various ministries and commissions to make this judicial jurisdiction more friendly to business and investors.

In the Infinity Forum held in Infinity Forum held by Premier Modi in December: "Establishing Gift iFSCA and integrating the Indian financial market with the global financial market is part of our greater reform." He pointed out that the vision of Gift City is to create a creation of creationA vibrant ecosystem will redefine the pattern of international finance."It will set a new benchmark for innovation, efficiency and global cooperation. The establishment of IFSCA as a unified regulatory agency in 2020 is an important milestone in this process."

IFSCA Chairman K. Rajaraman pointed out that some foreign investors still have not invested directly in India.He stated: "We hope they come to a Gift City, where they are at ease of the convenience of doing business, the quality of supervision, the clarity of supervision, and the certainty of taxation."The situation has begun to happen now.

At the recent 2024 Glit British Vitality Global Summit, Gift City's popularity was obvious.The Prime Minister announced in his inauguration that the UAE's sovereign wealth fund will soon develop business.As part of the summit, he also participated in the Global Financial Technology Leadership Forum held on January 10 in Gift City. The leaders of 26 well -known companies in the world attended the forum, including Mukesh Ambani, Chairman and Managing Directors of Xinshi Industry.Sanjay Mehrotra, CEO and CEO of Science and Technology, and Lakshmi N. Mittal, Executive Chairman of Ansle Mittal.

Among other investment in Gift City, Japan's Mizuho Bank is setting up an IFSC banking department, and the headquarters of the UAE's TRANSWORLD Group plans to launch aircraft and ship rental business.

At the same time, Tapan Ray, CEO of Gift City MD & Group, said at the summit that ONGC VIDESH will establish a financial operation financial company, and the IT service giant WIPRO plans to establish a science and technology financial business.He added that another IT service giant Accenture also plans to set up an office in India.

At another seminar on Gift City held at the summit, the Federal Minister of Finance Nirmala Sitharaman said that Gift City is very suitable for the portal of financial and investment centers, and will play in the goal of achieving India to 2047 to 2047.Important role.She also announced that the government plans to establish a diversified fintech laboratory in Gift City, hoping to use it as a platform for green credit transactions.

Gift City Chairman Hasmukh Adhia pointed out that IFSC is the first choice of investors, which is attributed to special financial regulations implemented there.

He also emphasized the necessity of improving urban social infrastructure, and said that the team is undergoing the second phase of the project, covering an area of ​​about 2,000-3,000 acres, which will be mainly used for residential use, driven by private investors, and provided by Gift City providedSupport for top social infrastructure.He added that the regulatory framework is being adjusted to promote aircraft leasing.

Gift City is ready to take action.Gift IFSC is a special economic zone with 580 business entities.These include 3 exchanges (including one international gold exchange), 25 banks (9 of which are foreign banks), 29 insurance entities, 2 foreign universities, 26 aircraft leasing companies, 40 fintech entities and 50Many professional service providers, such as consulting companies, law firms and accounting firms.In Gift IFSC, the total assets of banks are estimated to exceed $ 52 billion, and the commitment investment of 80 funds is about $ 25 billion.

Domestic banks such as State Bank of India and HDFC Banks, as well as foreign banks such as HSBC Bank (HSBC) and Deutsche Bank have set up offices in India.Insurance companies such as New India Association and ICICI LOMBARD also attended IFSC.Technology giants Google, fintech giant Paytm, and insurance giant Indian Life Insurance companies have proposed investment plans.He said: "I think Indian companies have begun to see the opportunity to improve cost benefits for their companies in a timely manner. This includes the cause of the public sector," Rajaraman said.

What attracts companies to Gift City? As an international financial service center, it has a special exemption that allows foreign exchange transactions to have no capital control.This enables enterprises to operate there and carry out international and Indian business in a more cost -effective way."The internal advantages provided by Gift City are significant. India is young, has a huge technical talent pool, and has a relatively low operating cost. Therefore, new companies will find that it is attractiveThe proposal, "said Riaz Things, a partner of Grant Thornton Bharat, a consulting company.

At present, many India -centric companies have carried out business in judicial jurisdictions such as Mauritius, the UAE and Singapore to use preferential tax policies.He said that with Gift City, these companies will find that work in the same area is more favorable, and they can also enjoy equivalent tax reduction as these jurisdictions.

The government and IFSCA have helped create a very friendly business environment, consistent with the facilitation of business."This has begun to attract investment funds and gold exchanges such as family wealth management rooms, banking, reinsurance companies, alternative investment funds, etc., and international companies have also set up an excellent center in Gift City. This trend is growing."

M.S. Sahoo, the Outstanding Professor of Delhi Law University, the founder of the Indian Bankruptcy and Bankruptcy Commission (IBBI), believes that the market usually develops under the condition of loose supervision, and such loose supervision is accompanied by the establishment of IFSCA.But he added that Gift City is still developing, and it takes time to fully blossom."Many buildings and infrastructure development are underway. Social infrastructure such as the leisure area of ​​riverside is under construction for people to live there and enjoy leisure time." He added that in general, things are in the correct direction.Development, the government is also vigorously promoting.

Gift City provides enterprises with several advantages.Banks can set up branches and subsidiaries and get 10 years of tax exemption.An Yong India's report states: "Gift IFSC bank's 10 -year tax exemption period means a reduction in borrowing costs, which may attract extra business of Gift IFSC banks, because borrowers are always inclined to reduce borrowing costs, soThe bank borrowing. "IFSC's income foreign investors are tax -free.Surat Investment

The recent proposal that India's direct listing allowed India to go public on the exchanges other than Gift City has also caused considerable excitement in the corporate community.At the vibrant Gujarat Summit, the Minister of Finance promised that this would be the earliest.It is expected to be launched in April 2024."Once notified, non -listed companies, including India's initial venture capital, will be able to be listed on the IFSC exchange. At present, Indian companies have launched more than $ 52 billion in bonds on the IFSC exchange."

Gift City's two exchanges -BSE's Indian Inx and NSE International Exchange -may be merged at the end of January.With the Gift Nifty contract as the main product, the average daily transaction amount on the international exchange is about $ 20 billion.For transactions for US dollars, foreign investors have discovered that this is a more cost -effective choice.Udabur Investment

Ajay Tyagi, former chairman of the Indian Securities and Exchange Commission of the Market Supervision Institution, pointed out that Gift City's capital market event is currently centered on Gift City."The main and essential purpose of the capital market is to promote corporate financing. In some ways, this activity has not yet started." He added that green debt financing and direct listing suggestions, and the earliest startups that will be transferred to overseas will be reversed to reverse flip reversalOr or allowing overseas holding companies to move to Ji Fucheng and other activities may help boost financing activities.

BSE Director's General Managing and CEO Sundararaman Ramamurthy said Gift City will help many entities, especially those entities that want to financing with US dollars.He said: "Jifu City will expand the domestic market instead of competing with it."

The federal budget of 2023-24 also played a significant role in promoting the Gift City, which put forward some suggestions, such as extending the tax period to March 31, 2025, where the data embassy was established, and according to the Economic Zone Law, the Economic Zone LawEntry power to IFSCA to avoid dual supervision and establish a single window IT system for the registration and approval of IFSCA, Special Economic Zone Authority, Commodity and Service Tax Networks, and Indian Reserve Bank.SEBI and Indian Insurance Supervision and Development Bureau (IRDAI).

In addition to banking and financial services, Jifu City also plans to build Ji Fucheng into the background of global reinsurance and financial services, and encourage ships and aircraft to rent.Premier Modi recently also mentioned that in the growing demand for green capital, Gift City must be turned into a sustainable financial center.It is worth noting that in August 2023, India's reinsurance company amended the priority order and positioned India as an important reinsurance center in the world; this would greatly promote the reinsurance business of Jiofu City.

Experts point out that some insurance companies and insurance intermediaries have set up branches in Gift City, and the requirements for the establishment of reinsurance entities in the area have also been relaxed."Over time, maybe in the next three years, I expect many insurance companies, especially reinsurance companies, and will set up bases there. Gift City can easily become a reinsurance center in this region in the world," New Indian InsuranceG. Srinivasan, former CEO of the company.

In order to cultivate local talents, foreign universities are also allowed to set up branches in Gift City.The two Australian universities -Dicken University and Woodlungong University -are establishing a campus in Jifi City.

Ship and aircraft leasing is another strong development momentum of Jifu City. Many companies that previously engaged in the leasing business in foreign jurisdictions are now in Jifu City.For example, Air India has begun to rent aircraft in Gev City, and up to 8 ship rental companies are also registered in Geff City.

Jay Kothari, the global international business director of DSP Asset Management, said that his company is committed to developing international businesses (including outbound and immigration). The Gift IfSC structure provides a good opportunity to use this effort."There is also the opportunity to set up investment management entities in India. At the same time, it is operated according to the international best practice (such as Singapore, Abu Dhabi Global Market, Dubai International Financial Center).The product and India's investment portfolio management team, "said.In November last year, his company opened a subsidiary at Gift City.

Although Gift City is exciting, there are some pain points."Before opening a store in Gift, foreign entities hope to see the Indian entities open there. This needs to relax the regulatory restrictions on Indian financial companies." He added that contract execution may be a challenge."It may be difficult to transplant India's legal framework, including contract law, corporate law, and tax law to Gift City. Either properly modify the legal framework including the court system, or formulate an exclusive legal framework for Gift City."

"There are some challenges to solve, such as improving material infrastructure, especially attracting foreigners to move nearby to live," Things said, and added that the leisure area, spa, residential buildings and hospitals are under construction.

Tyagi believes that although the construction of Gift City is a difficult and ambitious task, it is now treated.He said: "I predict that in about a year, it will have more companies, participants and better infrastructure." Consulting company McKinsey is also conducting a study, which will be similar to that of Gift City to other similar to other similarThe benchmark testing and comparison of global jurisdictions will provide suggestions for further improving the infrastructure and regulatory framework.In order to attract more investment and international workers, the Gegillatan government also handled the state's ban on alcohol, and allowed restaurants, hotels and clubs operating in Gift City to use wine as "wine and catering" facilities.Tiagi said: "The government of the Gujilat state has made a pragmatic and popular decision."Jaipur Investment

The NSW government has recently announced the draft re -development plan of "Jiofu City".The population size of Jifu City is expected to reach 500,000.It is estimated that it costs more than 62 billion rupees and will be implemented in the next 15 years, and the city will expand to 3430 acres.It will accommodate more residential and entertainment facilities, riverside development and Gift Eye -a large Ferris wheel similar to London's eyes.A subway line is also under construction, which will provide a convenient connection to daily commuters to Ahmamada Bad.

Expansion will meet the expectations of Jiofu City to start exerting its potential in the next 5 to 10 years.Rajaraman is confident that this goal is achieved within five years.

It may take time to solve these trivial problems, but we already have more motivation and confidence."Earlier, there were rural land here, but now all large foreign companies are here. After 4 pm, it is difficult to hit a taxi from here because the transportation is too crowded," the taxi driver Naresh concludedEssence

Although Gift City intends to fight for a long time, it has reached the speed of taking off.