Hasmukh Adhia Appointed Chairman of GIFT City

Hasmukh Adhia, former Union Finance and Revenue Secretary has been appointed as the Chairman of GIFT City Ltd (Gujarat International Finance Tec-City Co. Ltd.) in Gandhinagar, Gujarat. He takes over from Sudhir Mankad, who has been serving as the Chairman of GIFT City since 2007.

In addition to his appointment at GIFT City, Hasmukh Adhia has also been appointed as the non-executive Chairman of Gujarat Alkalies & Chemicals Ltd (GACL), based in Vadodara, Gujarat, and Gujarat Mineral Development Corporation Ltd (GMDC), based in Ahmedabad, Gujarat. These appointments highlight his expertise and leadership in the financial and industrial sectors.

About Hasmukh Adhia

• Hasmukh Adhia is a retired IAS officer from the Gujarat cadre of the 1981 batch who served as Finance Secretary and Revenue Secretary of State
• He currently holds the position of advisor to the Chief Minister of Gujarat, Bhupendra Patel.
• As Finance Secretary, he was one of the key persons behind the architecture and roll-out of the Goods and Services Tax (GST) in 2016.
• Adhia was also responsible for the demonetization of ₹500 and ₹1000 currency notes in November 2016.
• He was appointed as part of a panel by the Gujarat government to provide recommendations for the economic revival of the state in the aftermath of the COVID-19 pandemic.
• Hasmukh Adhia currently serves as the non-executive Chairman of the Bank of Baroda (BOB) and holds the position of Chancellor at the Central University of Gujarat.
• He is also a member of the Board of Governors at the Indian Institute of Management Bangalore (IIMB) in Bengaluru, Karnataka.
• Additionally, he serves as the Vice-President of Gujarat Energy Research and Management Institute (GERMI) and Pandit Deendayal Energy University in Gandhinagar.

Adhia is a recipient of the Padma Shri, the fourth-highest civilian award in India. He was awarded the Padma Shri in 2018 for his contribution to the field of economics.

About GIFT City

Gujarat International Finance Tec-City (GIFT City) is a financial hub in Gandhinagar, Gujarat. It is India’s first operational greenfield smart city and international financial services center, which the Government of Gujarat promoted as a greenfield project.

• It is divided into three zones: the International Financial Services Centre (IFSC), the Domestic Tariff Area (DTA), and the Special Economic Zone (SEZ).
• It is home to a number of financial institutions, including banks, insurance companies, and asset management firms. It is also home to a number of technology companies, including IT firms and software development companies.
• It is well-connected to the rest of India by road, rail, and air. It is located just 30 kilometers (19 mi) from Ahmedabad, which is a major transportation hub.
• It is a rapidly growing financial hub. It is expected to become a major center for financial services in India and the world.

GIFT City Ltd is a company incorporated under the Companies Act, 1956. It is the special purpose vehicle (SPV) responsible for the development and management of Gujarat International Finance Tec-City (GIFT City). The company is owned by the Government of Gujarat and the Gujarat Urban Development Corporation (GUDC).

Importance of Gift City

• Tax benefits: GIFT City offers a number of tax benefits to financial institutions and businesses. These benefits include a 10-year tax holiday, a 5% corporate tax rate, and no capital gains tax.
• World-class infrastructure: GIFT City has world-class infrastructure, including a modern airport, a high-speed rail link, and a fiber-optic network.
• Strategic location: GIFT City is located in Gujarat, which is a major financial and business hub in India. It is also located close to the Arabian Sea, which gives it access to global markets.
• Supportive government policies: The Indian government is supportive of GIFT City and has provided a number of policies to promote the development of the project. These policies include the setting up of a special regulatory authority for GIFT City and the provision of financial assistance to businesses that are set up in the city.

GIFT City is a promising project with the potential to become a major financial hub in India and the world. It is well-located, has world-class infrastructure, and offers a number of tax benefits to financial institutions and businesses. The Indian government is supportive of the project, and it is likely to continue to grow in the coming years.

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