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HomecurrentaffairsDouKnowgkJARAHATKESmartCitiesUrbanIssuesUrbanizationGettingtoknowIndia'sfirstSMARTcityTHE
GIFTcity!

Getting to know India's first SMART city - THE GIFT city !

21
Dec
2014

Gujarat, one of India's largest manufacturing hubs and Prime Minister Narendra
Modi's home state, is the site of the country's first smart city built from scratch.
Launched in 2007,Gujarat International Finance TecCity (GIFT) is Modi's
dream project and a joint venture between the Gujarat state government and
Infrastructure Leasing & Financial Services.
The $12 billion smart city, located 12km from Ahmedabad international
airport and 8km from the state capital, Gandhinagar,aims to become a global
financial hub,offering international companies worldclass infrastructure.
The project is attracting a number of companies. The Bombay Stock
Exchange (BSE) Brokers' Forum has been allotted 300,000 sq. feet (27,870
sq. meters) in GIFT city for development of a commercial tower.The BSE
Brokers' Forum is shifting its back office operations to a $20 million tower in
GIFT city from Mumbai to cut costs. With Gujarat being a lowcost center,
naturally the cost there is lower than Bombay. BSE Brokers' Forum, which has
stake of about 40% in the BSE.

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The BSE is the world's largest stock exchange in terms of listed companies
with more than 5,000. More stock exchanges from around the world are
expected to set up operations in GIFT city in the coming years. GIFT plans
to attract 68% of India's financial services to the new smart city.
The 358 hectare smart city is still being built, however developers are trying
to speed up construction.

Gujarat, which had strong growth during Modi's tenure as its chief minister,
accounts for 16% of manufacturing in India and 25% of the country's exports.
Gujarat ports also handle 33% of India's cargo.

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The idea for GIFT city came about after Modi visited Hong Kong's
International Finance Center.
A report by McKinsey & Co. found that financial services in India were
contributing 5% to the country's gross domestic product and that the figure is
expected to rise to 1520% by 2020.

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"GIFT city's development will happen in three fouryear phases, starting in

2012, 2016 and 2020,"
GIFT city's tallest building, the Diamond Tower, will be 410 meters high and built in
the last phase of development.
Twelve million out of the 13 million sq feet (1.2 million square meters)
earmarked for development in the first phase has been filled.
Banks like HDFC, Bank of India and Bank of Baroda have already taken space in
the first of the two towers built .
Other organizations like Tata Communications, World Trade Center and State
Bank of India are building their own offices.

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Most of GIFT city, 67%, has been zoned for commercial development, 22% for
residential development and 11% is for social facilities. A school, hospital, club,
fivestar hotel and a university are also planned.

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International Finance Services Center (IFSC)

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The International Finance Services Center (IFSC) at GIFT city is the only
place in India where you can do offshore banking, offshore insurance and
offshore asset management.
Its operating guidelines are due in about four to six months, following which the
city will become functional.
If India does not develop an IFSC, then every year from 2015 we will start losing
$50 billion to places like London, Singapore and Dubai, which have financial
service centers.

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GIFT city will create 1 million new jobs: 500,000 in capitalmarket trading and
core financial services, and 500,000 support staff jobs.

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Most of GIFT city's infrastructure is a first for India.

A district cooling system will be operational by December, following which we
will not require individual air conditioning.
Work on an automated waste management system and a utility tunnel is on.
Connecting all utilities to a common command and operation center.

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Japan contribution ?
Japanese companies have also shown interest in GIFT city.
Jetro (The Japan External Trade Organization) and some other Japanese
organizations are planning to visit the site.
Japanese companies are strong in infrastructure development and smart
technology, and GIFT provides both.
This is the first smart city to go operational in India.

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The Modi government wants to build 100 smart cities in India. During Modi's
recent visit to Japan he briefed Prime Minister Shinzo Abe on his smart cities project
and his plan to renew heritage cities, such as Varanasi. Abe expressed support for his
plans.

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Othernations!!
The U.S government also welcomed India's offer for American companies to be
the lead partner in developing smart cities in Ajmer, Vishakhapatnam and
Allahabad.
And the Canadian government also said it is keen to partner with India to build
smart cities, pointing out Toronto, Vancouver and Calgary are among world's
top 10 smart cities.

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