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Gujarat International Finance Tec-City (GIFT) - A Global Financial Hub
GIFT city aspires to cater to India’s large financial services potential by offering global firms a world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life all with integrated townships, IFSC and multi speciality special economic zone (SEZ). The site is 12 KM from the Ahmedabad International Airport and 8 KM from Gandhinagar.
The Growth of India’s Financial Services / ITeS Sector
The last decade has seen unprecedented growth in India’s financial services sector. It employs over 3 million people, constitutes about 5% of the GDP and has an estimated market capitalization of over US$ 200 billion. As India experiences continued economic growth, the financial sector could generate about 10-11 million jobs and a GDP contribution of US$ 350 to 400 billion by 2020. With a sustained growth and rapid development in technology and infrastructure, an increasing share of financial services would get centralized. McKinsey & Company’s market assessment report estimates potential of about 6 million centralized jobs across multiple service roles.
Several developed countries have successfully established high-tech financial hubs, which over time have catered as international financial services centers. These centers provide suitable regulatory regimes and create a business environment to promote talent and increase capital flow. As they develop they create significant economic value for their domestic economies, e.g. London and New York account for 10% of the GDP and about 5% of jobs. Emerging financial services centers like Singapore and Hong Kong have achieved similar levels of concentration of economic activity over short periods of time.
Employment Potential at GIFT
|Financial Services||Estimated No. of Jobs(Thousands) by the year 2020|
|Core Financial Services||Financial Services Operations||125-150|
|Financial Services Corporate Centre||100-125|
|Select Product Markets||10-15|
|Capital Markets & Trading||2-4|
|IT for Financial Services||200-225|
|ITeS for Financial Services||75-100|
Last Update On : 22-Mar-2017