HariPrasad
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Spread across 4sq km, Gujarat’s GIFT city is all set to generate 400 bn USD revenue.
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HariPrasad
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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.
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.
randomradio
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$425B will be a very impressive addition to the GDP. Like adding another Delhi in just 2 years.
HariPrasad
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Is MC Kinsey report is no source? Why you guys do not update your knowledge before writting anything here. Its currency exchange has already started. It runs over 22 hours a day. It starts before Japan exchange and closes after US exchange.
Quibbler
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Link says 21 Aug. Anything i am missing ?
Śakra
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Today is the 15th of August. scroll to the bottom it says 21 Aug 2016
HariPrasad
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Its an updated article of January 2018. Please check.
https://wap.business-standard.com/a...opularity-among-investors-118071700023_1.html
Few days back.
NSE registers record volumes as Gift City gains popularity among investors
BS Reporter | | Last
war&peace
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So lolzzzz do you guys have time machine...?? you published an article 6 days before day...how come ...any vedic magic?
Quibbler
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Yeah man forgot today is 15th although today is independance day. Shouldn't drink and post.
Śakra
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500 million and 400 billion are two very different numbers.
war&peace
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Just don't say it to your friends and family or you may get your azz whippedYeah man forgot today is 15th although today is independance day. Shouldn't drink and post.
It is PDF so we are used to it... also we are anonymous so a little harm
Have a nice day
HariPrasad
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Do you have any problem? Its 500 mn in a day.
AUSTERLITZ
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Under construction.
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