Spread across 4sq km, Gujarat’s GIFT city is all set to generate 400 bn USD revenue.

[Śakra]

Do you have any problem? Its 500 mn in a day.

Yes I do. There is no way two towers out in Patelabad can add 400 billion GDP when Bombay is only $300 billion and Delhi $200

 

[Crystal-Clear]

bullshit

 

[Turingsage]

Yes I do. There is no way two towers out in Patelabad can add 400 billion GDP when Bombay is only $300 billion and Delhi $200

City of London ( the financial district) is 2.9 sq kms and trades 5 trillion dollars a day. That is 5000 billion $ a DAY.

 

[Śakra]

City of London ( the financial district) is 2.9 sq kms and trades 5 trillion dollars a day. That is 5000 billion $ a DAY.

This isnt about trading this is about adding to the GDP of a country.

 

[Turingsage]

This isnt about trading this is about adding to the GDP of a country.

And what pray 5 trillion a day contributes to the UK economy. 10% oof the total GDP of UK.
https://www.estatecapital.co.uk/blog/the-city-of-london-provides-almost-10-of-all-uk-gdp/
Total GDP of UK $2.936 trillion.
That amounts to $293.6 billion conservatively
The Gujarat figure are an ESTIMATE for 2020

 

[HariPrasad]

Yes I do. There is no way two towers out in Patelabad can add 400 billion GDP when Bombay is only $300 billion and Delhi $200

Are they 2 Towers only? Earlier also I told you to update your knowledge before writing any BS here. Why don't you see those videos I already posted?

 

[Śakra]

And what pray 5 trillion a day contributes to the UK economy. 10% oof the total GDP of UK.
https://www.estatecapital.co.uk/blog/the-city-of-london-provides-almost-10-of-all-uk-gdp/
Total GDP of UK $2.936 trillion.
That amounts to $293.6 billion conservatively
The Gujarat figure are an ESTIMATE for 2020

As usual a a bunch of patels trying to swindle India and Indians. Gift in patelabad wont contribute $400 billion GDP when Bombay with 20 million people doesn’t contribute that much. End of topic, kthxbai.

 

[Turingsage]

As usual a a bunch of patels trying to swindle India and Indians. Gift in patelabad wont contribute $400 billion GDP when Bombay with 20 million people doesn’t contribute that much. End of topic, kthxbai.

I am sure you want to end it quickly as you have been proved a economic illiterate.

 

[HariPrasad]

As usual a a bunch of patels trying to swindle India and Indians. Gift in patelabad wont contribute $400 billion GDP when Bombay with 20 million people doesn’t contribute that much. End of topic, kthxbai.

McKinney report is Patel land report? Have you decided to go down to any level to prove your point?

I am sure you want to end it quickly as you have been proved a economic illiterate.

He is in no mood to listen to anybody no matter how many examples you give.

 

[ghameed]

500 million and 400 billion are two very different numbers.

Is a bourse for god's sake ..obviously it will have high revenues ( hence high GDP) ..like nse or bse ...doesn't mean that much wealth is generated . I am pretty sure the 450 billion addition to GDP is an achievable target

 

[HariPrasad]

Is a bourse for god's sake ..obviously it will have high revenues ( hence high GDP) ..like nse or bse ...doesn't mean that much wealth is generated . I am pretty sure the 450 billion addition to GDP is an achievable target

Exactly, there will be a multi Tr USD transaction every month and few bn USD revenue shall be generated as in case of its counterpart in UK.

$425B will be a very impressive addition to the GDP. Like adding another Delhi in just 2 years.

Actually Indians are very smart people and master in doing business. They just needed a platform to exploit their skills. Modi being a visionary leader captured this opportunity. Its fruits have started becoming visible now. He well come TATA when the NANO project was disrupted by great Mamta Didi. Today Gujarat is all set to produce more than half cars produced in Indian in coming couple of years . Maruti is shifting its entire facility in Gujarat. I am sure he has laid down the base of many such good things for India. Country will enjoy the fruits in days to come.

Latest in GIFT city.

https://www.business-standard.com/a...2-5-billion-gift-city-sez-118073000008_1.html

 

[Novice09]

GIFT City is a reality and is operational... It would be developed in a phased manner... 4 or 5 phases... complete city would be built by 2025... Almost every financial institute in India have a office over there...

https://en.wikipedia.org/wiki/Gujarat_International_Finance_Tec-City

@Śakra I'm really amazed that Indians are not aware of this... i can't comment on daily turnover but yes it is a very active financial center...

500 million and 400 billion are two very different numbers.

 

[HariPrasad]

Lady Luck smiles on Gift-City
The facility for segregated nominee account may bring foreign investment to IFSC

This year is unfolding as eventful and fortuitous for India’s first International Financial Service Centre (IFSC) nestled in the Gujarat International Finance Tec-City (Gift City).

First, the three major stock exchanges in India came together in February to end trading in indices based on Indian securities overseas. This was in apparent retaliation to the Singapore Stock Exchange’s (SGX) defiant decision to trade in single-stock futures of Nifty-50 companies. But a direct beneficiary of this was IFSC as the stock exchanges operating out of this centre were excluded from the trading restrictions.

Then, a clutch of corporates and financial institutions came on board and raised big money, about $21 billion, from the international market through the IFSC medium. Exim Bank raised $10 billion, Yes Bank, $1 billion, NHAI, Rs 25,000 crore, NTPC $6 billion and IRFC, $500 million. Many more debt issues are in the pipeline from leading state-owned entities and private sector players in the infrastructure sector.

A third lucky event for the centre was the markets regulator permitting segregated nominee account (SNA) structure in IFSC from last month. This considerably enhances the ease of doing business in IFSC, besides instilling confidence in foreign investors to invest through IFSC-based bourses. Foreign portfolio investors were not allowed to trade in IFSC without setting up an office. However, SNA will help global brokers to invest here through a tie-up with a local broker.

To explain, in a segregated nominee account structure, orders of foreign investors are routed through eligible SNA providers (Providers) for trading on stock exchanges in IFSC while adhering to regulatory requirements relating to identification of end-client, unique client code, order placement at client level, client level margining and position limits.

Global brokers offering services to foreign investors are already showing interest to establish their presence at the IFSC.

“Segregated nominee account provider as a concept offers an easy play for international banks and broking houses to now become a Provider and offer India-specific products directly to their foreign clients with easy access and registration process with an offshore exchange like India INX,” said V Balasubramaniam, managing director and CEO, India International Exchange.

Welcoming a Sebi circular on SNA, accounting firm PricewaterhouseCoopers said, “This circular is a welcome move promoting ease of investing in the IFSC for the global investor community. This change will directly benefit offshore investors, who are currently not registered with the Sebi as foreign portfolio investors (FPIs), by providing them with easy access to the capital markets in the IFSC.”

It also said, “The introduction of SNA structure in the IFSC will provide business opportunities to global capital market players, who will be able to act as Providers. As the next step, the stock exchanges in the IFSC will now have to roll out the eligibility norms to operationalise the SNA structure.”

India INX, a wholly owned BSE subsidiary, on June 11, announced the launch of the SNA structure to facilitate market access for foreign investors.

“Through this mechanism, foreign investors can become end-clients of eligible segregated nominee account providers for trading on the India INX products,” India INX said.

“Entities that are eligible to become Providers include Sebi-registered brokers in IFSC, FPIs belonging to category I & category II as well as trading/clearing members of international stock exchanges/clearing corporations that are regulated by a member of the Financial Action Task Force (FATF),” the exchange said.

The minimum net worth requirement for Providers is $5 million. The key benefits of India INX’s SNA structure are immediate access for foreign investors to trade on products on offer at IFSC, immediate access to global markets for FPIs through established intermediaries and quicker on-boarding of clients. The SNA structure also allows Providers to fund margins on behalf of their end-clients. Moreover, segregated accounts ensure greater protection for end-clients of Providers and reduce the transaction costs because of lower costs towards overheads.

Apart from allowing SNA, Sebi in late May allowed omnibus trades at IFSC, a fourth fortuitous event for the Gift City. The omnibus structure is similar to participatory notes that permits FPIs to trade through a broker without disclosing their identity.

All these have helped push up transaction volumes on IFSC-based bourses, giving the Gift-City some much-needed momentum.

https://defence.pk/pdf/threads/spre...00-bn-usd-revenue.572911/page-2#post-10716295

 

[$@rJen]

According to a McKinsey estimate, the IFSC can add USD 425 billion to the GDP by 2020 — USD 250 billion by financial services players, USD 120 billion by financial services focused IT sector, BPOs around UDS 35 billion and capital market trading can add another USD 10 billion.

Primarily, this has been mopped up by Yes Bank and Federal Bank , GIFT City chief executive said.


Country’s maiden international finance centre, GIFT City in Ahmedabad, has got off to a good start with financial services players mopping up over USD 650 million in forex funds through the Centre as of June.

“Banks, which have opened their offices in the GIFT City has raised USD 650 million as of end June. Primarily, this has been mopped up by Yes Bank and Federal Bank, which have functional offices at the centre,” GiftCity chief executive and managing director Ajay Pandey told PTI here.

When contacted, an Yes Bank official said the lender’s IFSC branch has mopped up USD 400 million this fiscal year alone, but refused to share client details.

Major players

Apart from these two banks, other players include the nation’s largest lender SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, IDBI Bank, Corporation Bank, Syndicate Bank, LIC, New India Assurance, SIDBI and Reliance Capital which are in the process of launching their operations from the centre.
Out of these, Yes Bank, Federal Bank, IDBI Bank and IndusInd Bank have already received RBI approval to open banking units at the centre, Pandey said, adding both the bourses (BSE and NSE) and commodity exchanges like NCDEX and ICEX have signed agreements with the centre to set up international exchanges.

Leading non-financial services players who have taken space include Oracle, Tata Communications, IL&FS, Prestige Group, taking the total numbers of its clients to over 50, he said adding the World Trade Centre is also a prized tenant.

While SBI has taken a space of 0.4 million sqft, LIC has taken 0.2 million sqft, taking the total alloted space to close to 1 million sqft.

According to a McKinsey estimate, the IFSC can add USD 425 billion to the GDP by 2020 — USD 250 billion by financial services players, USD 120 billion by financial services focused IT sector, BPOs around UDS 35 billion and capital market trading can add another USD 10 billion.

It can also create around 6 lakh new direct and indirect jobs by 2020, Pandey said.

The IFSC, a joint venture between Gujarat Urban Development Corporation and IL&FS, was formally launched by finance minister Arun Jaitley in April 2015.

On completion, at an estimated cost of Rs 78,000 crore over the next 10 years, the centre will have 42 million sqft of commercial space, 14 million sqft of residential and 6 million sqft of social facilities.

DOn't you think the speed of yhe construction is bit slow??? how long its been since the plan got sanctioned ??

 

[HariPrasad]

DOn't you think the speed of yhe construction is bit slow??? how long its been since the plan got sanctioned ??

Earlier Nobody was interested in investment. Now it has gathered movementum but some tall towers like Diamond tower of 410 m height is not getting clearance because Airport is just 12 KM away. Talks are going on to change the flight path of planes. When issue will resolved, construction will start in full swing. In peak time of construction of first 2 Towers, one storey was built in 3 day Time.

Gift city News Letter.

http://www.giftgujarat.in/documents...18gift-city-newsletter-july-2018-19072018.pdf