Rs 10,500 crore investment committed for GIFT City: CEO

Rs 10,500 crore investment committed for GIFT City: CEO
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BENGALURU: An investment of Rs 10,500 crore has been committed for GIFT City, the country’s first operational smart city and International Financial Services Centre, Ajay Pandey, MD and Group CEO, GIFT City said on Tuesday.

GIFT City has been included in the Centre’s Smart City Mission Statement and Guidelines as Model City in Greenfield category for development of 100 smart cities in the country.

IFSC Banking transactions have crossed USD 8 million, he said.

“By 2025, we are expected to create one million jobs, which includes half a million direct jobs and half a million indirect jobs,” he told reporters here.

The average daily trading volume of IFSC Exchanges has increased to USD 250 million from USD 30 million, he said adding IFSC Exchanges have crossed cumulative trading turnover of USD 10 billion till date.

Pandey said the business transactions at Gujarat International Finance Tec-City (GIFT City) has crossed USD 2 billion mark and is likely to grow manifold in the near term.

Corporates at GIFT City also have witnessed low attrition which helps reduce cost in new recruitment, retention and training, among others, Pandey said.

PTI