"Shri Narendra Modi inaugurates GIFT ONE, the tallest tower in Gujarat, in GIFT City "
"GIFT City project blessed both by Goddess Lakshmi and Goddess Saraswati: Shri Modi "
"GIFT will be an inspiration and a point of reference for such initiatives coming up in the future and termed it as a catalyst that would enhance the development process: Shri Modi "
"Different people are seeing GIFT with a different perspective but as one goes into the depth of things, he or she will see that through projects such as GIFT, the Government is aspiring to scale new heights in services sector: Shri Modi "
"This is not only a building. There is not only currency in this. It will be a hub for commerce worth millions and that too on the click of a mouse: Shri Modi "
"The project has a great scope for providing employment for the youth: Shri Modi "
"The facilities at GIFT are for everyone. A person from any part of Gujarat can join the fast pace development taking place in the world: CM "
"People talk of green technology. We have given it importance in GIFT. We are working towards creating an environment friendly city: CM "
"It’s a matter of great joy that such work has been completed in record time of 14 months: Shri Modi"

 

On the morning of Thursday 10th January 2013 Shri Narendra Modi inaugurated GIFT ONE, the tallest tower of Gujarat, in Gujarat International Financial Tec-City (GIFT). Shri Modi talked about the GIFT City project and said that it is a project that is blessed both by Goddess Lakshmi (Goddess of wealth) and Goddess Saraswati (Goddess of knowledge). The Chief Minister pointed that GIFT will be an inspiration and a point of reference for such initiatives coming up in the future and termed it as a catalyst that would enhance the development process.

The Chief Minister affirmed that different people are seeing GIFT with a different perspective but as one goes into the depth of things, he or she will see that through projects such as GIFT, the Government is aspiring to scale new heights in service sector. He urged the people to view the demo of the various kinds of technology services that are available in GIFT.

Shri Modi pointed out that trade, commence and finance are in the veins of the Gujarati people and added that if we join these strengths of ours with modern technology are can create a new services sector. “That is why we are going ahead with GIFT,” he affirmed.

He declared, “This is not only a building. There is not only currency in this. It will be a hub for commerce worth millions and that too on the click of a mouse.” He said that the project has a great scope for providing employment for the youth. The Chief Minister declared that our youth is very talented and with the right opportunity and infrastructure they will never lag behind.

The Chief Minister shared that as far as GIFT City is concerned the Government is working with a long-term vision in mind. He opined, “We are working with a long-term thought. One MoU was signed today to have primary schools for those who will work here. We are working for the future of those who will work here as well!”

Among the many salient features of GIFT, Shri Modi pointed out that environment and green technology have been given immense importance in this project. He stated, “People talk of green technology. We have given it importance in GIFT. We are working towards creating an environment friendly city.”

The Chief Minister further shared, “When such a hub of financial activity is created, its not limited to the building only. Its influence spreads to the entire state.” He avowed that all sectors related to the economy including the cooperative sector could benefit immensely from a project such as GIFT. He declared, “The facilities at GIFT are for everyone. A person from any part of Gujarat can join the fast pace development taking place in the world.”

He pointed that the world is changing and not only are new cities being accepted but also their focus areas are being decided. Shri Modi cited the examples of sports cities, medicities. “A new vision to development cities is coming up and GIFT is a focus area for financial activity,” said Shri Modi. He added that in GIFT, all facilities would be available to the people at a very close range.

The Chief Minister expressed joy at the remarkable pace at which work is completed on the Tower. He stated, “It’s a matter of great joy that such work has been completed in 14 months. See how technology has become. The world is changing. Earlier to dig a canal or to put small pipes it took years. Now there is such good technology in construction and that is why in 14 months such work is ready. The second tower will be ready soon.”

He further said that the large number of events happening during the Vibrant Gujarat Summit show the heights of good governance Gujarat has scaled. He termed Gujarat as a prime example of  ‘Pro People, Pro Active Good Governance (P2G2)’

Before Shri Modi spoke, Shri Sudhir Mankad (IAS Retd.) and Chairman GIFT City spoke about the project and its salient features. Cabinet Ministers Shri Nitinbhai Patel and Smt. Anandiben Patel were present on the occasion. Chief Secretary Shri AK Joti and Shri IP Gautam were the senior officials present on the occasion.

Explore More
ଶ୍ରୀରାମ ଜନ୍ମଭୂମି ମନ୍ଦିର ଧ୍ଵଜାରୋହଣ ସମାରୋହରେ ପ୍ରଧାନମନ୍ତ୍ରୀଙ୍କ ଅଭିଭାଷଣ

ଲୋକପ୍ରିୟ ଅଭିଭାଷଣ

ଶ୍ରୀରାମ ଜନ୍ମଭୂମି ମନ୍ଦିର ଧ୍ଵଜାରୋହଣ ସମାରୋହରେ ପ୍ରଧାନମନ୍ତ୍ରୀଙ୍କ ଅଭିଭାଷଣ
'Housing for all' by 2029: Centre approves Rs 10,021 crore fund for PMAY-G in 12 states

Media Coverage

'Housing for all' by 2029: Centre approves Rs 10,021 crore fund for PMAY-G in 12 states
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
Cabinet approves Price Stabilization Fund for Scheduled Indian Airlines towards ATF pricing
June 03, 2026

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved one-time budgetary support not exceeding Rs.10,000 crore for Oil Marketing Companies (OMCs) to provide ATF price stabilisation support to Scheduled Indian Airlines for their domestic and international operations. The budgetary support shall be in the form of interest-free advances to OMCs through the Demands for Grants of the Ministry of Petroleum and Natural Gas. The support shall be provided to OMCs to facilitate stable ATF pricing for airlines during the ongoing period of exceptional fuel price volatility arising from the West Asia crisis.

Key component of the approved of Price Stabilization Fund:

(i) Interest-Free advance to OMCs

A one-time budgetary support of up to Rs.10,000 crore shall be provided as an interest-free advance to OMCs to support ATF price stabilisation for Scheduled Indian Airlines. The corpus shall compe
It will help ensure optimum utilisation of airport infrastructure developed across the country, including airports operationalised under the UDAN scheme.nsate OMCs for losses arising from elevated international ATF prices whenever the prevailing Import Parity Price exceeds the benchmark price determined under the approved mechanism.

(ii) Recovery and True-Up Mechanism

When international ATF prices moderate, the differential amount shall be recovered from OMCs and returned to the Consolidated Fund of India. The arrangement shall continue until the entire support amount is fully recovered and settled.

(iii) Coverage of Domestic and International Operations

The scheme shall be available to all willing Scheduled Indian carriers for both domestic and international operations.

(iv) Fixed ATF Price Arrangement

The mechanism provides greater predictability in fuel costs by adopting a fixed-price arrangement for domestic and international operations, thereby reducing airline’s exposure to sudden fuel price spikes.

(v) Exclusive rights of ATF supply to OMCs

The arrangement will be implemented through an MoU between participating Indian airlines and OMCs, with the Ministry of Civil Aviation and the Ministry of Petroleum & Natural Gas as signatories. Under this one-time arrangement, participating airlines will procure ATF only from OMCs for up to three years, subject to annual review or until the advance amount is fully recovered, whichever is earlier.

(vi) Monitoring and Audit

A Monitoring Committee comprising representatives of the Ministry of Civil Aviation, Ministry of Petroleum & Natural Gas and Department of Expenditure shall oversee implementation, claim verification, reconciliation and settlement. All claims and recoveries shall be subject to audit.

(vii) Duration of Prise Stabilization support

ATF price stabilisation support will be in force for a period of thirty-six months with provision for annual review or until the advance amount is fully recovered/settled, whichever is earlier. The proposal may be extended beyond thirty-six months with the approval of the Competent Authority in case the corpus is not fully trued up within this period.

Expected outcome:

  • The proposed mechanism will provide enhanced stability and predictability in ATF pricing for Indian airlines, enabling better operational and financial planning.
  • It will shield Oil Marketing Companies (OMCs) from losses arising from volatile and elevated ATF prices during the ongoing West Asia crisis.
  • The measure will help protect and sustain domestic and international air connectivity, ensuring continuity of air services.
  • It will reduce the pass-through of fuel price shocks to passengers, thereby helping to moderate fare volatility.
  • The arrangement will support continued air connectivity to remote, regional, Tier-II and Tier-III cities, promoting balanced regional development and inclusive growth.

Key Benefits:

  • Stable airline operations help sustain employment across airlines, airports, ground handling agencies, MROs, travel agencies, hospitality and logistics sectors.
  • Continued air connectivity will facilitates movement of passengers, high-value cargo, business travellers and tourists, thereby supporting economic activity across sectors.
  • The measure will have positive spill-over effects on tourism, hospitality, trade, exports, regional development and investment.
  • It will help ensure optimum utilisation of airport infrastructure developed across the country, including airports operationalised under the UDAN scheme.
  • By preserving domestic and international connectivity, the initiative will strengthen India's integration with global markets and support long-term economic growth.

Background:

The aviation sector has been impacted by unprecedented volatility in global ATF prices following the West Asia crisis.

  • Due to the ongoing West Asia crisis, international ATF prices have surged nearly 2.5 times from Rs.60.50/ litre in March 2026 to Rs.142/litre in May 2026. ATF accounts for nearly 40% of an airline's operating cost. Therefore, this volatility in ATF prices has resulted in high cost pressure on airline financials.
  • ATF accounts for nearly 40% of airline operating costs and during periods of extreme fuel volatility, can constitute up to 60% of total operating expenditure.
  • While ATF price has been capped for domestic operations, Indian carriers continue to purchase ATF for international operations at Import Parity Prices (IPP), exposing them to elevated fuel costs.
  • However, the capping of ATF prices is a temporary measure and not sustainable in the long run for OMCs. Due to the capping of ATF prices, OMCs are also incurring losses particularly with volatile and surging ATF prices during the West Asia crisis.
  • Closure of Pakistan airspace for Indian carriers has resulted in longer flight paths to Europe, North America and Central Asia, increasing fuel burn and operational costs.
  • Long-haul passenger fares have increased substantially, international demand has declined and airlines have reduced or suspended services on several international routes.