GUJARAT INTERNATIONAL FINANCE TECH CITY
AI became the teacher of the year
AI is transforming the landscape of education as lecturers and EdTech platforms across the country utilise the technology for teaching, testing, and assessment. Generative artificial intelligence (AI) tools such as ChatGPT have found their way into Indian classrooms. However, AI also presents potential drawbacks. It may stifle creative thinking among young learners due to an over-reliance on technology.
IBM, Gujarat govt ink pact to establish AI cluster at GIFT City
Under this partnership, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customise and fine-tune large language AI models in a sandbox environment. IBM will also aim to build a digital assistant-based solution that facilitates the onboarding and integration of these customised large language models for financial institutions.
GIFT City-like hub for Karnataka, state IT minister Priyank Kharge tells FM
Karnataka IT-BT minister Priyank Kharge told finance minister Nirmala Sitharaman that such a central business district in Karnataka will foster economic growth and create jobs, and also attract foreign investment.
Karnataka seeks Gujarat’s GIFT city-like facility for state from Centre ahead of Union Budget
Pushing for a Central Business District akin to GIFT City, Karnataka seeks rapid project approvals and funding for infrastructure, emphasizing economic growth, job creation, talent development, and research initiatives.
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
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GIFT City gets record bid for 5.22 lakh sq ft development rights in SEZ
Nila Spaces outbids 10 bidders with Rs 6,557 per sq ft bid for development rights in GIFT City SEZ, totaling over Rs 342 crore. CEO Deep Vadodaria plans Rs 750 crore investment, including land development charges, for the project. GIFT City introduces entertainment zone GIFT Eye. Gujarat government exempts GIFT City from liquor prohibition law to attract investments.
Study abroad: US, UK, Canada, Germany, Australia — which is the best country for Indian students in terms of education cost, scholarships, jobs?
Aspiring to pursue higher studies at prestigious universities like Harvard, Cambridge, Stanford, Oxford, MIT, and others is a common goal for many Indian students. However, achieving this aspiration often presents numerous challenges. Before making a final decision about studying abroad at these highly sought-after destinations, it's essential to carefully consider various factors. Let's explore the key considerations for Indian students aiming to study in these top 5 destinations.
IREDA may float FPO this FY
Separately, in March, the lender's board had approved a proposal of Rs 24,200-crore borrowing for 2024-25. The amount will be raised through taxable bonds, green taxable bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds and external commercial borrowings, among others.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
IREDA incorporates subsidiary in GIFT City, Gujarat
Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
Is PM Modi's promise for Madiga sub-quota in Telangana just a 'jumla'?, asks Congress
Congress general secretary Jairam Ramesh questioned Prime Minister Narendra Modi's stance on various promises made in Telangana, including the sub-quota for the Madiga caste, the establishment of a rail coach factory at Kazipet, and the Bayyaram Steel Plant and Hyderabad Information Technology Investment Region (ITIR) projects. Ramesh criticized Modi for not fulfilling these promises and accused him of making empty commitments.
REC gets RBI nod to set up subsidiary in GIFT City
According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a 'No Objection Certificate' (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.
Block deals worth over Rs 12,045 crore this week. Kotak Bank, Vodafone Idea among stocks with major action
In the large cap segment, 15 companies witnessed significant block deals on the screen which were worth Rs 6,046 crore led by Kotak Mahindra Bank with 29 block counts, totalling to Rs 1,310 crore.
GIFT City bankers may follow global schedule, enjoy five-day work week
The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. "The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC," said another official.
GIFT City gets in pole position for F1 track
GIFT City in India is taking steps to develop a Formula 1 motor racing circuit and hopes to host the Olympics in 2036. Six teams of renowned race track designers are competing to design the circuit, which could cost up to Rs 10,000 crore.
Savvy Group bags bid for a mega commercial project in GIFT City
The project - spread over 2.8 million sq ft and entailing an investment of more than ₹1,200 crore - will also include an innovation and startup hub. The company has pipped three other bidders to bag the proposed project that surpasses all existing developments within the GIFT City, which previously boasted the largest development covering a million sq ft.
Budget 2024: Sitharaman proposes to extend tax exemption to GIFT units
Finance Minister Nirmala Sitharaman has prolonged tax benefits on income from International Financial Services Centre (IFSC) units, originally set to expire in March 2024, until March 2025. This extension applies to tax exemptions on income derived from Gujarat International Finance Tec-City (GIFT), including trading in non-deliverable forward contracts and offshore derivative instruments.
Big GIFT: Norms unveiled for direct global listing
India has allowed domestic companies to list their shares directly on global exchanges at Gujarat's GIFT City. The new regulatory framework provides easier access to foreign capital for entities in the sunrise and technology sectors.
Finance Minister Nirmala Sitharaman unveils GIFT city's financial landscape
At the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman highlighted the financial ecosystem within Gujarat International Finance Tec-City (GIFT City) and its strategic importance. The city has three exchanges, 26 banks, and 26 aircraft lessors, and is home to 86 fund managers and 8 ship leasing companies. The city has 580 entities and a significant presence of 86 fund managers and eight ship leasing companies.
ONGC Videsh incorporates subsidiary in GIFT City
ONGC Videsh Ltd (OVL), the overseas investment arm of India's Oil and Natural Gas Corporation, has established a wholly-owned subsidiary named OVL Overseas IFSC Ltd in GIFT City, Gujarat. This entity in GIFT City will serve as the global treasury center for OVL and its 25 subsidiaries, covering 15 countries.
PFC gets Reserve Bank nod to set up finance company in GIFT City
The Reserve Bank of India approved Power Finance Corporation to establish a wholly-owned finance subsidiary at Gujarat's GIFT City's International Financial Services Centre. This move is anticipated to broaden PFC's global reach and business prospects, as per the company's announcement. PFC operates as an infrastructure finance entity under the Ministry of Power.
Relaxation of prohibition in GIFT City draws flak from Congress
It may be mentioned here that one Friday, Gujarat Government declared that the employees of the GIFT City as well as authorised visitors to the companies within GIFT City will be lawed to consume alcohol in designated areas in a bid to facilitate “wine and dine” services offered by the restaurants. However the restaurants will not be allowed to sell liquor bottles, the government added.
PM Modi seeks to revive hinterland finance hub with new sweeteners
Although 400 entities, mostly banks, operate in GIFT City, employing 20,000, it struggles to become a vibrant financial hub. Modi aims to revitalise it as a modern financial and technology center. New rules, expected in April, will allow Indian firms not listed on Indian exchanges to directly list their equity at GIFT City.
GIFT City development plan for expansion to 3,300 acres with social infra in final stages
The Gujarat International Finance Tec-City (GIFT) is set to expand to over 3,300 acres and incorporate social infrastructure from 886 acres. The second phase development plan, which includes town planning schemes, is expected to be unveiled after the state government's review and public feedback. The plan aims to make GIFT City a global financial activity hub, with PM Modi highlighting the city's vision to be the nerve centre of a new age of global finance.
GIFT City gears up for direct listings, re-insurance
GIFT City started in 2007 as a completely greenfield experiment when PM Modi was the chief minister of the state of Gujarat. In 2020 the government created the IFSCA as a unified regulator. It has issued more than 30 regulations for industries including aircraft leasing, and ship leasing. In the financial domain, we have banks, funds, capital markets and insurance.
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