Liquor in GIFT City: More investments in fintech likely

Source: The Times of India

Ahmedabad: The state government’s decision to relax prohibition in GIFT City for its employees and visitors will bring in ambitious new investments in the fintech sector at the upcoming Vibrant Gujarat Global Summit, experts anticipate. 

The government has organized a Global Fintech Leadership Forum at GIFT City as part of VGGS 2024 where tech leaders from across the world are expected to participate. 

Sources said Prime Minister Narendra Modi will interact with the CEOs of top finance and technology institutions in a closed-door roundtable to be held at GIFT City on January 10.

“The event, expected to be moderated by Uday Kotak, director, Kotak Mahindra Bank, will provide a platform to the CEOs of top fintech companies to share their views on the emerging fintech landscape globally and their plans to tap the opportunities in the segment in India. Their suggestions will also be sought on the role that can be played by GIFT International Financial Services Centre (GIFT IFSC),” said sources close to the development.

They said a high-level meeting was held on Friday to discuss the Global Fintech Leadership Forum event. It is expected that large fintech companies will announce ambitious plans for GIFT City.

“One should take into account the fact that global giants have already set up their base there in the last three years and the latest announcement will have more companies think of moving here because of its world class infrastructure, ecosystem and various policies.” 

Meanwhile, there has been a sudden rise in inquiries about GIFT City, said sources.

A source said, “People are curious to know about the development and ecosystem there. Most people in and outside GIFT City are awaiting the rules pertaining to the relaxation in dry laws because it will clear many questions. The state government is aiming to put GIFT City on a par with other global financial services centres in terms of infrastructure and policies, and liquor relaxation is just a part of the bouquet.

”Meanwhile, industry leaders raised a toast to the Gujarat government’s decision to allow liquor in GIFT City. Director general of confederation of Indian Alcoholic Beverage Companies (CIABC) Vinod Giri said the move sends a strong signal to the world that GIFT City is a modern, liberal place, which is ready to do business like other major global centres, he said.

“It will not only give a major boost to the hospitality sector within GIFT City but also attract major companies and quality workforce from across the globe,” said Giri. CIABC is the apex body of the Indian alcoholic beverage industry.