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The GIFT SEZ Advantages

What is a Special Economic Zone (SEZ)?

As the name suggests, a Special Economic Zone (SEZ) is a specified area in a country which has different laws pertaining to business and trade, as compared to other parts of the country. SEZs are created in order to cater to rapid economic growth. The laws and regulations in such zones trigger Foreign Direct Investments (FDI), which further contributes to infrastructure development, which then leads to generation of additional economic activity and creation of employment opportunities. In the year 2005, the Government passed the SEZ Act, 2005 supported by SEZ Rules, 2006. SEZs provide easy access to global trading hubs that facilitates the flow of capital and movement of goods. These are critical for success of an SEZ. SEZ also offer well-developed areas of infrastructure with built up space, power, water supply, transport, housing etc. along with physical and social infrastructure facilities.

GIFT City Gandhinagar SEZ

Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). GIFT IFSC is a Multi Services Special Economic Zone with 105 hectors of land. GIFT is being designed as a global Financial and IT Services hub, which aims to be at par or better than the global financial centres at Tokyo, Shanghai, London amongst others. IFSC at GIFT SEZ has been developed to realise the vision of the India Government to emerge as a major economic power.

Advantages of GIFT City Gandhinagar SEZ

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  • Competitive cost of operations
  • Favourable tax regime
  • Single window clearance
  • Increased FDI
  • Boost in economic activity
  • Employment generation
  • Infrastructure development

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Life at GIFT City, Gandhinagar

If you’re thinking Gujarat International Finance Tec-City, Gandhinagar is only a business hub, you’re mistaken. On the one hand, the first operational smart city of India boasts of having the first and only IFSC of India and aims at making India a new business destination offering competitive edge to financial and tech services. On the other hand, this finance and tech hub offers a never-before lifestyle for its residents.

Earlier, only those employed in GIFT city were allowed to stay in the city. With a resolution passed by the Gujarat govt., anyone can now reside in GIFT City. Of the proposed 62 million square feet of vertical development at GIFT City, residential area of 14 million square feet is planned which accounts for 22% of the total development.

GIFT City offers green living to its residents with beautifully designed buildings that are soaring high over 30 storeys. Offering exclusive green views, this is surely going to be one of the top choices of people soon.

Reasons to choose GIFT City as your living destination:

-Green living
-Advanced security systems
-Latest technology systems
-Automated waste collection systems
-District cooling system
-Environment friendly systems
-Community living
-Infrastructure including schools, clubs, hospitals
-Convenient public transport
-Scenic beauty with Sabarmati Riverfront

All leading developers have already set their foot in GIFT City and are making creative efforts to make it the best liveable place around for people. The decision to buy a property at GIFT City right now is one of the wisest decisions that can be.

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IFSC GIFT City – A financial hub

International Financial Services Centre was established in GIFT City Gandhinagar in April 2020 under the IFSC Authority Act passed by the Indian Parliament. IFSCA has the regulatory powers of four financial services regulators in India – Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Insurance Regulatory Authority of India (IRDAI) and Pension Fund Regulatory Development Authority (PFRDA).

IFSC at GIFT City is considered a global hub for financial services. The idea is to connect the Indian diaspora globally to India. India is one of the fastest growing economies of the world. The establishment of IFSC at Gandhinagar is done with the idea of connecting to the global markets and having an easy flow of funds. With IFSC, there are multiple opportunities to global investors to set up businesses in the sectors of banking, insurance, reinsurance, investments, capital markets and asset management. The IFSC in GIFT City (GIFT IFSC) seeks to bring back those financial services transactions that are currently carried on outside India by overseas financial institutions and overseas branches/ subsidiaries of Indian financial institutions to the Indian shores.

GIFT IFSC provides numerous benefits to the entities who wish to set up their operations within. There is a robust legal framework and regulatory environment. Various fiscal incentives and tax exemptions in the SEZ make it a favourable place for business. Being a smart city, GIFT city offers advanced and modern communication systems and internet infrastructure. The state of the art infrastructure of IFSC is at par with any other global financial centres.

The IFSCA is a unified authority for development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre in India in the areas of banking, insurance, securities and funds management. The aim is to tap the global capital flows which would result in India’s development and simultaneously provide a globally competitive financial platform for the full range of international financial services at the regional and global level.

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Why is gift city a smart City

A smart city is a technologically advanced, urban place that makes use of various electronic methods to collect specific data for the purpose of improving operational efficiency across the city. Gift City is an upcoming global financial and IT services competing with global standards. The city shall make use of collective and artificial intelligence and shall use strong telecommunication network. GIFT City aims towards sustainable development. There are various amenities within the city that make it a smart city:

Water Supply

GIFT City aims at recycling and reuse of waste water. Along with that there shall also be rain water harvesting. Water shall be ensured 24X7 and there is a concept of zero discharge.

District Cooling System

Gift City has India’s first District Cooling System. The system is in operation and has a capacity of over 10000 ton of refrigeration. This reduces the operation costs by 30-40% and also avoids the cost of installing individual air conditioners in each building. The DCS aims to reduce global warming potential, reduce CO-2 emissions, reduce heat island effect and improve the overall aesthetics of the building.

Solid Waste Management

Gift City has an Automated Waste Collection System in place. With minimum human intervention and space requirement, water is sucked through pipes at a speed of 90km/hr. Waste treatment is done with the help of plasma technology. There are vacuum chutes installed at the every floor of each building. This waste then undergoes treatment.

Utility Tunnel

A utility tunnel has been installed in Gift City. There are two sections in the tunnel, Wet and Dry. The wet section carries utilities related to water supply and ICT while the dry section carries power cables. Currently the tunnel is expected to be 16 kms and shall have the ventilation system, rodent repellant system and fire and smoke detection system for the purpose of safety. All utilities are placed in this tunnel in order to ensure that there is no digging or excavation of the roads in future for repair, maintenance or upgradation.