Share
 
Comments 4 Comments

GIFT is a landmark initiative that will revolutionze India’s financial and infrastructural landscape. 

With top quality infrastructure, business oriented and environemnt friendly approach, GIFT will redefine how we look at urban space. 

From domestic corportates, global industries to foreign countries, the entire world is looking at GIFT as an idea whose time has come!

 

 

Just a few days ago, Gujarat International Finance Tec-City, popularly known as GIFT did the entire nation proud when it was adjudged the ‘Best Industrial Development & Expansion Project’ by World Finance Magazine. A variety of considerations from infrastrusure, scope, size etc ensured that GIFT emerged victorious, ahead of Moscow’s Internatinal Finance Centre and Songdo in South Korea.

Recent news in TOI states that, “a team from WN Media was in Gandhinagar for an for an on-site inspection of various sustainable processes that will be part of urban planning in Gift city. The WN-Media has three categories of awards, World Finance Banking awards, World Finance Legal awards and World Finance Infrastructure Investment awards. GIFT won in the third category.”

The last few years have witnessed unprecedented growth in India’s financial services sector. Both in terms of share if the GDP and in job creation, this importance of this sector is gaining pace and this is bound to increase even more as time passes. You may have noticed that several developed countries have created high-tech financial hubs serving as focal points of their nation’s development journey be it Shinjuku in Tokyo, Lujiazui in Shanghai or the London Dockyards in UK. With a condusive environment, these centres enhance capital flow and give a great impetus to talent.

It was this vision to revolutionize India’s financial and infrastructure landscape that made Chief Minister Shri Narendra Modi conceptualize GIFT and announced its launch on 28th June 2007.

Situated on the banks of the iconic Sabarmati river, GIFT is located 12 km from Ahmedabad’s International Airport and 8 km from Gujarat’s capital Gandhinagar. GIFT primarily caters to India’s massive financial services sector by offering  world class infrastructure, a business oriented and environment friendly atmosphere. With a target of more than  5,00,00 direct and the same number of indirect jobs, GIFT will provide opportunities to many bright youngsters of India.

The implementation of GIFT marks a wonderful example of how public-private partnership can together script a new roadmap to economic development. Along with a determined vision comes state of the art infrastrucute. GIFT would have 24/7 water supply, electricity along with the communication and transport technologies.

It is not only India but also the world that is seeing an ocean of opportunity in GIFT. Till now, GIFT has attracted a variety of investments from various sectors. Countries from Singapore, Malayasia to China are also serving as active particpiants in this landmark project. Companies such as Fortis and CISCO are among those that have signed MoUs to invest in GIFT.

In December 2011, GIFT created history when it was notified as the International Financial Service Centre (IFSC) for its multi-service Special Economic Zone (SEZ). This accreditation affirms GIFT’s ability to emerge as an international financial hub. 

The future of the world economy lies in stellar infrastructure backed by top quality finance services. It is these international demands that propelled the launch of GIFT project. The project is a ‘win-win’ situation for both India and the world.

 

Presentation - GIFT: A Global FInancial Hub

 

Explore More
PM Modi's reply to Motion of thanks to President’s Address in Lok Sabha

Popular Speeches

PM Modi's reply to Motion of thanks to President’s Address in Lok Sabha
Demonetisation has brought ‘Janshakti’ into prominence: PM Modi

Media Coverage

Demonetisation has brought ‘Janshakti’ into prominence: PM Modi
...

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
Package for Promotion of Digital and Cashless Economy
December 08, 2016
Share
 
Comments 330
Comments
Govt introduces a package of incentives for promotion of digital and cashless economy
0.75% discount on purchase of petrol/diesel through digital means
Deployment of 2 POS devices each in 1 Lakh villages with population of less than 10,000
Discount upto 0.5% for monthly or seasonal tickets from January 1, 2017, if payment is made digitally
All railway passengers buying online ticket shall be given free accidental insurance cover of upto Rs. 10 lakh

In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelerate this process, the Central Government has decided on a package of incentives and measures for promotion of digital and cashless economy in the country. 

These incentives/measures are following: 

  1. The Central Government Petroleum PSUs shall give incentive by offering a discount at the rate of 0.75% of the sale price to consumers on purchase of petrol/diesel if payment is made through digital means.

Nearly 4.5 crore customers buy petrol or diesel at such petrol pumps per day who can take benefit of this incentive scheme.  It is estimated that petrol/diesel worth Rs.1800 crore is sold per day to the customers out of which nearly 20% was being paid through digital means.  In the month of November 2016 it has increased to 40% and the cash transaction of Rs.360 crore per day have got shifted to cashless transaction methods.  The incentive scheme has the potential of shifting at least 30% more customer to digital means which will further reduce the cash requirement of nearly Rs. 2 lakh crore per year at the petrol pumps.

  1. To expand digital payment infrastructure in rural areas, the Central Government through NABARD will extend financial support to eligible banks for deployment of 2 POS devices each in 1 Lakh villages with population of less than 10,000.  These POS machines are intended to be deployed at primary cooperative societies/milk societies/agricultural input dealers to facilitate agri-related transactions through digital means.

This will benefit farmers of one lakh village covering a total population of nearly 75 crore who will have facility to transact cashlessly in their villages for their agri needs. 

  1. The Central Government through NABARD will also support Rural Regional Banks and Cooperative Banks to issue “Rupay Kisan Cards” to 4.32 crore Kisan Credit Card holders to enable them to make digital transactions at POS machines/Micro ATMs/ATMs.
  1. Railway through its sub urban railway network shall provide incentive by way of discount upto 0.5% to customers for monthly or seasonal tickets from January 1, 2017, if payment is made through digital means.

Nearly 80 lakh passengers use seasonal or monthly ticket on suburban railways, largely in cash, spending worth nearly Rs.2,000 crore per year.  As more and more passengers will shift to digital means the cash requirement may get reduced by Rs.1,000 crore per year in near future.

  1. All railway passengers buying online ticket shall be given free accidental insurance cover of upto Rs. 10 lakh.

Nearly 14 lakh railway passengers are buying tickets everyday out of which 58% tickets are bought online through digital means.  It is expected that another 20% passengers may shift to digital payment methods of buying railway tickets.  Hence nearly 11 lakh passengers per day will be covered under the accidental insurance scheme.

  1. For paid services e.g. catering, accommodation, retiring rooms etc. being offered by railways through its affiliated entities/corporations to the passengers, it will provide a discount of 5% for payment of these services through digital means.

All the passengers travelling on railways availing these services may avail the benefit.

  1. Public sector insurance companies will provide incentive, by way of discount or credit, upto 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals, in case payment is made through digital means.
  1. The Central Government Departments and Central Public Sector Undertakings will ensure that transactions fee/MDR charges associated with payment through digital means shall not be passed on to the consumers and all such expenses shall be borne by them.  State Governments are being advised that the State Governments and its organizations should also consider to absorb the transaction fee/MDR charges related to digital payment to them and consumer should not be asked to bear it.
  1. Public sector banks are advised that merchant should not be required to pay more than Rs. 100 per month as monthly rental for PoS terminals/Micro ATMs/mobile POS from the merchants to bring small merchant on board the digital payment eco system.

Nearly 6.5 lakh machines by Public Sector Banks have been issued to merchants who will be benefitted by the lower rentals and promote digital transactions.  With lower rentals, more merchants will install such machines and promote digital transactions. 

  1. No service tax will be charged on digital transaction charges/MDR for transactions upto Rs.2000 per transaction.
  1. For the payment of toll at Toll Plazas on National Highways using RFID card/Fast Tags, a discount of 10% will be available to users in the year 2016-17.