By Priya Raghuvanshi
Copyright timesnownews
India’s ambitious financial dream, GIFT City, is gradually transforming into a future-ready hub for global business, finance, and innovation. Positioned strategically in Gujarat’s Gandhinagar district, this emerging smart city is drawing attention from multinational firms, financial institutions, and policymakers alike. Yet, as a recent PwC survey reveals, it still has some critical ground to cover before it can rival India’s traditional financial powerhouses. The PwC report acknowledges that while GIFT City, officially known as Gujarat International Finance Tec-City, has laid a solid foundation, it has not yet reached the operational maturity seen in Mumbai or Delhi. It notes: “GIFT City has yet to attain the maturity of India’s traditional financial hubs, but it demonstrates significant long-term growth potential.” Infrastructure expansion, forward-thinking policies, and regulatory relaxation have undoubtedly made GIFT City an appealing destination. But to reach global competitiveness, a coordinated effort is essential to advance its ecosystem and make it resilient to evolving market demands, states the report. Tax Incentives and Talent Are Key One of the key insights from the PwC survey is the importance of tax incentives in attracting businesses. A significant 68 per cent of senior executives surveyed cited tax-related benefits as the most influential factor driving their companies to consider GIFT City for operations. But talent remains a hurdle. While local workers can fulfil general roles, specialised financial and tech positions often require importing talent from other cities. The report stresses the importance of building a world-class talent pipeline, equipped with future-forward skills, to ensure long-term viability. Ecosystem Maturity and Global Outreach Needed According to PwC, as industries evolve, blurring lines between sectors such as healthcare, housing, food, and mobility, GIFT City must grow into a more adaptive and innovation-friendly ecosystem. A mature, responsive environment is crucial for companies chasing emerging value chains. Additionally, promoting GIFT City on the international stage is critical. The report suggests that showcasing its competitive advantages and rising status in global rankings could attract a broader range of global investors and institutions. The Road Ahead: Policy, People, and Partnerships GIFT City’s future hinges on its ability to maintain cost competitiveness, develop specialised talent, and attract global interest through active collaboration between the government, private enterprises, and international partners. As PwC concludes, the journey isn’t over, but the trajectory is promising. With focused strategic interventions, GIFT City could soon be standing shoulder to shoulder with the world’s top financial centres. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world.
