CM Bhupendra Patel: Gujarat has set target to become $500 billion economy by 2026-27

Gujarat Chief Minister Bhupendra Patel has said his government has set a target to contribute 10 per cent to India's GDP and become a ₹500 billion economy by 2026-27.

The summit will showcase Gujarat's futuristic projects and investments (DREAM City, GIFT City, Dholera SIR, Ahmedabad-Mumbai High-Speed Rail), encompassing new and emerging sectors such as semiconductors, renewable energy, electric vehicles, green hydrogen, aerospace and defence, plug-and-play parks, artificial intelligence, smart greenfield cities to name a few, he said.

Apart from leading in sectors such as textiles, chemicals and petrochemicals, gems, jewellery and ceramics, Gujarat has also emerged as the hub of the automobile sector, establishing itself as an economic powerhouse of the country, he said.

He said that the Gujarat International Finance Tec (GIFT) City located in Gandhinagar, is poised to become one of the world’s premier international financial centres in the coming years.

The GIFT City is undergoing massive infrastructure expansion after which the total land area will reach around 3,400 acres, he said in the email interview.

The riverfront along the GIFT City is being developed with an international-level retail, recreation and entertainment zone.

Metro connectivity to the GIFT City will also be operational by mid-2024, he said.

Bhupendra Patel also said that as per PM Narendra Modi’s vision for the GIFT City to become a world-class financial, IT &ITeS and fintech hub, the State Government held meetings with global and national financial sector companies as part of the international and national roadshows under the Vibrant Gujarat Global Summit (VGGS) 2024.

Several companies from countries like the UAE, Japan, Australia, Singapore and the US have expressed their interest in exploring investment opportunities in the GIFT-IFSC, he said.

Elaborating on the GIFT-IFSC, he said there are 580 operational entities in the International Financial Services Centre (IFSC). Notable large-scale investments have already been flowing in GIFT-IFSC, including global players like Google, Bank of America, Morgan Stanley etc.

International universities are setting up their campuses, IndiGo and Air India are starting aircraft leasing activities, SGX Nifty trading as GIFT Nifty, and India International Bullion Exchange IFSC Limited (IIBX) is being set up in the GIFT City, he said.

As part of the 10th edition of VGGS, a Global FinTech Leadership Forum is being organised at the GIFT City on January 10 wherein PM Modi will interact with the CEOs of top finance and technology institutions in a closed-door roundtable, the CM said.

The event, to be moderated by Kotak Mahindra Bank Director Uday Kotak, will provide a platform to the CEOs of top finance and technology companies to share their views on the emerging fintech landscape globally, he said.

Mr. Patel also said that the Dholera Special Investment Region (SIR), with an area of 920 sq km, is poised to be the biggest industrial hub of the future.