Gujarat International Finance Tec City (GIFT), the upcoming liberalised
financial service centre in the state, was recently adjudged 'Best
Industrial Development & Expansion' project by London-based magazine
World Finance.
The project was judged on the basis of its
infrastructure, scope, size and complexity as well as in terms of its
potential for enabling economic growth in the region through the
relocation and centralization of India's financial and IT sectors, said a
GIFT statement.
GIFT outclassed projects like Moscow International Finance Centre in Russia and Songdo in South Korea.
World Finance
belongs to the W N Media Group in London - global multimedia group with
a broadcasting division. GIFT project is an upcoming international
financial and IT services hub and is promoted by Gujarat government
through Gujarat Urban Development Company Limited ( GUDC) and Infrastructure Leasing & Financial Services Limited (IL&FS).
It got the status of International Financial Services Centre ( IFSC)
in December last year. It will be a deemed foreign territory enabling
banks and financial institutions transact in foreign currencies from
within India and a fraction of cost compared to its global peers.
A part of GIFT has also been notified as a Special Economic Zone ( SEZ), facilitating exemptions from central and state taxes.
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