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India’s first operational Smart City and IFSC, Gujarat International Finance-Tec City (GIFT City), has won the prestigious Associated Chambers of Commerce and Industry of India (ASSOCHAM) Services Excellence Award.
At a summit held in New Delhi, GIFT SEZ was honoured for its contribution to the growth of the International Financial Services and Technology Hub in India, Ajay Pandey, Managing Director and Group CEO, GIFT City, said in a statement here on Wednesday.
The event recognised the contribution made by GIFT City in the financial services and technology sector in India. The services sector is a dominant contributor to the GDP of India and GIFT City holds great potential in attracting significant foreign investment flows, contribute to export of services as well as provide large-scale employment. The Awards were presented in the categories of Tourism and Hospitality, International Financial Services and Technology Hub, Banking and Financial Services, Insurance, IT/ITES etc.
Pandey said the award reaffirms the significance of GIFT City in making India a global financial and technology-led innovation centre for the sector. “It is a testimony to GIFT City being the best business destination for International Financial and Technology companies”
GIFT City, India’s first International Financial Services Centre (IFSC), is operational with approximately 10 leading banks, 2 international exchanges (India INX and NSE IFSC), around 100 capital market players and 8 insurance companies having established their operations here. Various leading IT/ITeS and BSFI have commenced their operations at GIFT in the domestic services zone as well. Nearly 200 institutions/units are currently operational at GIFT City employing 7,000 people and are expected to exceed 10,000 by end of the year.
GIFT City, a Gujarat Government project in partnership with IL&FS is developing India’s first global financial hub. It is also India’s first multi-service SEZ with IFSC status catering to the country's financial services market by offering global firms, world-class infrastructure and facilities. It is estimated that GIFT would provide 500,000 direct and an equal number of indirect jobs which would require 62 million square feet of office and residential space. Like other leading global financial centres, GIFT will target a 6-8% share of the financial services potential in India.
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