Latest news with #GujaratInternationalFinanceTec-City
Hindustan Times
25-05-2025
- Business
- Hindustan Times
NITI Aayog governing council meeting: Kataria bats for perks to attract investments in Chandigarh
Stressing on the need to establish reputed institutions in the city that prepare the youth for emerging job markets, Punjab governor and UT administrator Gulab Chand Kataria on Saturday urged the central government for the creation of a special incentive framework for Chandigarh, akin to the Gujarat International Finance Tec-City (GIFT City) model. The administrator participated in the 10th governing council meeting of NITI Aayog held at Bharat Mandapam, New Delhi, on Saturday. Chaired by Prime Minister Narendra Modi, the meeting was attended by chief ministers and lieutenant governors from 24 states and seven Union territories, under the theme 'Viksit Rajya for Viksit Bharat @ 2047'. During his speech, Kataria articulated Chandigarh's ambition to become a national skill hub, specialising in green technologies. Kataria stressed that Chandigarh's growth was deeply rooted in principles of green, inclusive and sustainable development. He pointed out that the city was transitioning from 'grey to green' across every sector—be it green mobility, energy-efficient buildings or adoption of clean energy solutions—reinforcing its identity as the City Beautiful. 'However, there are the limitations being faced by Chandigarh due to its UT status, which restricts its ability to offer financial incentives essential to attracting investments and fostering economic growth. The GIFT City model framework should encompass tax exemptions, subsidies, incentives for IT and ITES sectors, and exemptions under the Companies Act to make Chandigarh more competitive and attractive for green technology investments and skill development initiatives,' Kataria said. Kataria highlighted Chandigarh's remarkable transformation from a city originally designed for a population of 5 lakh to now housing over 12.43 lakh residents. With the recent inclusion of 13 villages into the municipal corporation and development in line with the Master Plan 2031, Chandigarh is experiencing rapid social, physical and economic development. Kataria also highlighted Chandigarh's significant achievements, including privatisation of electricity distribution—the first of its kind among UTs—the development of the Zirakpur Bypass, which will decongest key city areas, and the city's outstanding performance in education with the highest Gross Enrolment Ratio. He underscored the expansion of skill hubs aligned with the National Education Policy 2020, which aim to prepare the youth for future-ready careers. Further, he highlighted Chandigarh's ongoing efforts to promote innovation, especially among women entrepreneurs, to stimulate inclusive economic growth. Aligning with the Prime Minister's call to develop world-class tourist destinations, Kataria reaffirmed Chandigarh's commitment to enhancing its tourism infrastructure and smart city initiatives, which focus on sustainability, citizen-centric services and renewable energy integration. He also emphasised the need for reforms to enhance women's participation in the workforce and reiterated Chandigarh's dedication to creating an environment that supports women's empowerment and economic inclusion.
Bloomberg
24-04-2025
- Business
- Bloomberg
Ultra-Rich Indians Find a New Route to Invest Their Cash Overseas
India's richest families have found a new way to buy global stocks and bonds through the nation's low-tax hub, offering a rare path for the super-wealthy to invest overseas. Investments routed abroad through funds in the Gujarat International Finance Tec-City more than tripled to $778 million in six months through December, according to official data. The Reserve Bank of India opened the way for family offices to invest via the Overseas Portfolio Investment route in June.
