GIFT City A New Finance Hub For India

By Meredith Bishop March 13, 2018 0

Jutting out of an otherwise barron piece of land in Western India is a small collection of brand new buildings. This represents the first steps in building Gujarat International Finance-Tec City or GIFT City, a planned finance mecca India hopes will one-day rival Singapore or Hong Kong.

To date the city comprises three large office buildings, a data centre and a school. The first wave of residences are due for completion next month and a large World Trade Centre complex is due for completion by 2020. Workers in GIFT city currently travel into the city by bus each day but the population is expected to expand quickly over the next decade with hopes that the new city will act as a gateway to India in much the same way Hong Kong has for China for many decades.

International travelers arrive through Ahmedabad airport which is just 25 minute by car.

To encourage growth the city has already established two stock exchanges which allow trading in US dollars, something that is not allowed elsewhere in India and with massive government tax exemptions and exemptions to many of India's bureaucratic regulations that are normally faced by foreign investors in India. These tax breaks coupled with lower property prices and incentives have already resulted in some businesses moving their operations to the new city to reduce costs.

GIFT city has amassed more than $2 billion in real estate investment to date and is growing steadily.

In the final quarter of 2017 Indias economy outpaced Chinas growing by 7.2% something which makes India a very attractive opportunity for foreign investors.

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