When he was chief minister of Gujarat in 2011, Indian Prime Minister Narendra Mo...
GANDHINAGAR, India - When he was chief minister of Gujarat in 2011, Indian Prime Minister Narendra Modi kicked off an ambitious project to develop a financial hub in the style of Singapore or Dubai.
Despite efforts by the Modi government over the past five years to offer tax and regulatory concessions, and a big push to get banks and brokerages into GIFT, the project remains far short of expectations. GIFT’s future is uncertain, with its main partner in financial trouble over soured bets in other projects.
He said GIFT was impracticable, ignoring issues such as location and skills availability. Some bankers also complained that the Gujarat state’s decades-long alcohol prohibition policy hasn’t helped either.A spokesman for GIFT said that the project’s timeline had been roiled by subdued demand after the global financial crisis and the lack of a clear regulatory framework until 2014, when Modi took power.
Lease terms required that Gujarat get 50 percent of the profit from the sale of development rights in the first phase, and 80 percent thereafter. Reuters could not determine how much has been spent on development so far. India’s government took over the company in October, in a rare move that it said was needed to protect the country’s financial system and markets from potential collapse.
The GIFT spokesman said that Pandey stepped down as part of a larger exodus of top IL&FS officials, and that IL&FS’s troubles would not stall the project. The GIFT spokesman said the club has hundreds of members, and the city boasts a cost-effective central cooling system and an underground automated waste disposal system, among other amenities.
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