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India’s first smart city — GIFT City or Gujarat Finance Tec-City — will double its job creation to 10,000 by 2018, according to its MD & Group CEO Ajay Pandey.
“We are likely to create over five lakh jobs directly and another five lakh plus jobs indirectly by 2025 when all the three phases of GIFT City would be completed,” Pandey said at a press meet here on Wednesday.
“The IFSC (International Financial Services Centre) has already executed transactions worth $2 billion. Investment of ₹2,000 crore has already been made in the City, with another ₹10,000 crore of investment already committed,” Pandey added. GIFT has three zones — a domestic tariff area where any services business can set up shop; a Special Economic Zone (SEZ) with all the accompanying facilities; and an IFSC, where units enjoy a 10-year tax holiday and are exempt from securities transaction tax, commodities transaction tax, dividend distribution tax, and long-term capital gains tax.
The area to be developed in GIFT City is 62 million square feet. Of this, development rights for the first phase of 10 million sq ft have already been given.
Two million square feet is already operational, housing institutions such as India INX of the BSE, SBI, ICICI Bank, and Bank of Baroda. The NSE’s international exchange is also likely to be operational by end-March, according to Pandey.
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