GIFT SEZ emerges as fastest growing Services SEZ in Gujarat

Gandhinagar: The Multi-Services SEZ at Gujarat International Finance Tec City (GIFT City) having status of India’s First Operational IFSC witnessed a major growth in exports of services with boost in foreign currency transactions. This has added a big way in Gujarat’s contribution to country’s export and foreign exchange earnings. It is worth noting that apart from services export by SEZ units, the contribution from IFSC units in GIFT SEZ is the new avenue of exports happening from the country for the first time.

The exports from GIFT SEZ for 11 months till February 2018 stood at Rs 1427 crores as compared to Rs.284 crores in the year 2016- 17. During 2017-18 till Feb. 2018, total exports from other services SEZs in Gujarat stood at Rs 1379 crores.

According to Upendra Vasishth, Zonal Development Commissioner, Gujarat (SEZ & EOUs), “Out of all services SEZs operational in Gujarat, GIFT SEZ has been the fastest growing SEZ in the state. The major contribution came from IFSC units at GIFT SEZ which for the first time in the country is adding services export from financial services.”

Commenting on this quantum jump in exports of services from GIFT SEZ, Mr. Ajay Pandey, MD & Group CEO, GIFT City said “We are very happy to witness a giant leap in foreign currency transactions by SEZ and IFSC units based at GIFT SEZ which is contributing in country’s export and foreign exchange earnings. Today, there are over 130 units licensed in GIFT SEZ and the number is increasing day by day. With Union Budget announcing tax exemptions for GIFT IFSC, we foresee GIFT SEZ to contribute more to Gujarat’s SEZ exports in coming days”

The IFSC at GIFT SEZ is the major contributor to the exports, covering banking, insurance, and capital market services. While IFSC units (IBUs) of the Banks have done business worth US $ 10 billion, insurance companies have clocked in USD $ 20 billion worth transactions. International Exchanges of BSE & NSE have crossed cumulative trading turnover of US $ 400 mn till date.

About GIFT City (www.giftgujarat.in):

Gujarat International Finance Tec-City (GIFT) a Government of Gujarat Project in partnership with IL&FS is developing India’s First Global Financial Hub. GIFT is India’s first multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India’s large financial services market by offering global firms, world-class infrastructure and facilities. It is attracting the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5,00,000 direct and an equal number of indirect jobs which would require 62 million square feet of office and residential space. Like other leading global financial centres, GIFT will target a 6-8% share of the financial services potential in India.

DeshGujarat