States Should Emulate Concept Of Gujarat International Finance Tec-City

14 April, New Delhi

Finance Minister Arun Jaitley has said that state governments should emulate the concept of Gujarat International Finance Tec-City, GIFT City and send their teams there to study the success story of the concept.

In a Facebook Post Monday , Jaitley said, the entire initiative comprises creating a social sector Special Economic Zone in a smart city.

He said, for creation of smart cities in other parts of the country, the experiment deserves to be emulated by others. He said, the Gift City which was inaugurated on 10th of this month, is intended to be a global financial hub.

Jaitley said, it will generate thousands of jobs with all working people with families staying in the complex itself and it will be a self-contained city. He added that the first phase of the city is to be completed in 2016 and the entire city will be completed in three phases concluding in 2026.

The Finance Minister said, the Gift City, a joint venture company, has been promoted on a 50:50 basis by the Gujarat Urban Development Company Ltd and the Infrastructure Leasing and Financial Services Limited. It is spread over 800 acres of land, which has been contributed by the Gujarat Government for a nominal amount of 1 rupee.