Modi's GIFT project likely to create 10 lakh jobs: report

New Delhi: Prime Minister Narendra Modi'spet project Gujarat International Finance Tec-City (GIFT) has the potential to generate over 10 lakh jobs by 2022, an official said. GIFT city, which is being developed by the Gujarat’s government, aspires to cater to India's large financial services potential by offering global firms a world-classinfrastructure and facilities.   

"It is a pet project of Narendra Modi. He was monitoring it personally when he was the Chief Minister. What we are    doing is that we are implementing his brainchild. New Chief  Minister Anandiben Patel has also been a part of the project."If you take the job potential in expanding economy of    the country, on a pan-India basis about 10 lakh jobs can be    created," GIFT MD & Group CEO Ramakant Jha told PTI in an interview.   

The Rs 65,000-crore project is being developed on the lines of global financial services centre, spread over three   phases of development to be completed by 2022. GIFT city has two components of development - domestic financial centre and international financial services centre. It is being developed on 886 acres of land, of which 673 acres is in possession of GIFT. It has multi-services Special   Economic Zone (SEZ) of 250 acres and domestic finance centre and associated social infrastructure on 423 acres.  The state-of-the-art GIFT city will be supported by all    basic urban infrastructure comprising external connectivity by roads, metro and BRTS, Jha said.   

GIFT is conceptualised as a global financial and IT services hub on the lines of globally benchmarked financial centres such as Shinjuku, Tokyo, Lujiazui, Shanghai, La    Defense, Paris, and London Dockyards, he added.  The project is located on the bank of Sabarmati river and   is around 12 km from Ahmedabad International Airport.    Jha said many banks and IT companies have already    established their offices there.  The Gujarat government is developing GIFT city through a joint venture between its undertaking Gujarat Urban    Development Company Ltd (GUDCL) and Infrastructure Leasing &  Financial Services Ltd (IL&FS).