September 12, 2015

GIFT to give thrust to job creation

During an interview to The Sunday Express which was published in the Indian Express Ahmedabad edition on September 13 2015, GIFT CEO Ajay Pandey listed out some of the key focus areas for GIFT. He said that the time is ripe for the GIFT City to focus on job creation. The city wants to create over 5000 jobs over the next couple of years and start full-fledged operations by the companies who have been allotted space in Phase I including starting of India’s 1st IFSC Banking Unit (IBU).

The time to focus on job creation and start of operations will be given impetus by continuous development of the infrastructure. GIFT Co. Ltd. will meet the companies who have been granted development rights but are yet to start work on the same. Work on World Trade Center, Business Club, Hiranandani project is already under progress and it is expected that the other companies will also start working on the development of their project.

GIFT City is focusing on starting of IBU operations by the Banks in the SEZ Area of the project. Yes Bank, Federal Bank and IndusInd Bank have already been given approval by RBI to set up IBU at GIFT City and other major banking players are already in the process of getting necessary approvals from RBI.

After the issuance of regulations and guidelines for the IFSC by Arun Jaitley in April 2015, many firms have also shown interest in setting up International Exchanges. Also, some of the big insurance players have shown interest to set up re-insurance business at GIFT City.







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