GIFT City is set to compete with international hubs like Singapore
New Delhi:
In a significant move, the Gujarat government has allowed the consumption of liquor in the Gujarat International Finance Tec-City (GIFT), India’s first financial services centre being built in Gandhinagar. The exemption is the first in Gujarat, which has been a dry state since its birth in 1960.
GIFT, known for being a tax-neutral financial center, is now set to compete with international hubs like Singapore by providing fiscal incentives and a more flexible regulatory environment.
The decision to ease liquor restrictions within GIFT is part of the government’s strategy to shape it into a new-age financial services and technology nerve center. The city is evolving into a hub that goes beyond conventional financial services, embracing innovation and sustainability in its vision for the future.
The statement from the Narcotics and Excise Department said that the prohibition restrictions have been changed to ‘wine and dine’ keeping in line with the government’s vision for the centre.
“An important decision has been taken to change the prohibition rules to allow ‘wine and dine’ facilities in the GIFT City area to provide a global business ecosystem to global investors, technical experts and national and international companies established there,” the department said.
All the people working in GIFT City will be given a Liquor Access Permit, allowing them to consume liquor within the centre. A provision has also been made to allow authorised visitors of each company to consume liquor in hotels, restaurants or clubs having temporary permits in the presence of permanent employees of that company.
With its tax-neutral status, regulatory flexibility, and now the provision for ‘wine and dine’ facilities, GIFT City aims to attract the top global companies.
