When Narendra Modi was the Prime Minster of Gujarat in 2011, he initiated an enthusiastic project to evolve a financial centre in the style of Dubai and Singapore. The makers were assigned with transfiguring a region bigger than New York’s Central park into a city with above 100 buildings promoting more than 1 million jobs- all within ten years. After eight years, Gujarat International Financial Tec-city providing only 9,000 jobs and just 3 million of its 62 million square feet of proposed development have been constructed, as per the statements of GIFT officials.
The absence of development and employment generation at GIFT, according to the critics indicates one of the Modi’s challenges completely as he initiates his second term in the office. Critics assert that GIFT is a badly formulated and over-aspired projects of Narendra Modi. His office and the Gujarat CM’s office did not answer to requests for statement. GIFT’s spokesperson told that project’s schedule had been disturbed by the subdued demand following the worldwide financial catastrophe and the absence of transparent regulatory structure until 2014 when Modi government came in Majority.
GIFT is now at an “inflection position” as the Modi Government only created an acceptable tax structure in 2016. Further several technological and financial firms consisting Tata Consultancy Services and Axis Bank have now established their shops in GIFT. He further stated that two international banks are likely start operate here.
Tags : #Jobs_deficit #Growth #GIFT #Gujarat #Cities #Lack