India is building a brand new city to rival the world’s most important financial centres. It’s called Gujarat International Finance-Tech City or GIFR for short. To complete with other top finance cities, GIRT is focusing on high-class infrastructure and facilities. And nurturing top Indian talent to fill jobs. The government hopes the new city will provide one million jobs from banking to IT Services. India is one of the world’s fastest-growing economies. With its GDP set to grow by 7.3% next fiscal. But the IMF says India needs to work harder to attract and sustain foreign investment. GIFT city takes India a step closer to that goal.
The brand new city is designed to help India complete with international and regional finance hubs, such as Hong Kong and Singapore. The team behind the project hopes it will appeal to global firms by providing high class infrastructure and facilities, with a stream of top Indian talent to fill jobs. The opportunity is significant.
Indian’s financial sector is growing rapidly, and could generate eleven million jobs and contribute up to $400 billion to GDP by 2020, according to the group behind the project. The city also hopes to take advantage of rapid economic growth, with the IMF forecasting growth of more than seven percent for the current fiscal year which ends in March 2019.
If cities are to thrive, they will need to innovate with more advance buildings and smart infrastructures. Building a city such as GIFT from scratch certainly provides opportunities for that type of innovation.