Guj CM lays foundation of Tec-city

Ahmedabad, Jun 29: The foundation stone of Gujarat International Financial Tec-city (GIFT), exclusively meant for financial services, was laid today by Chief Minister Narendra Modi on the outskirts of Ahmedabad.

Addressing the gathering, Mr Modi said the project is planned to be a high density area with building reaching upto 150 meters or more. The present plan is for 75 million square feet of construction and today is the kick-off for the first phase of this development, or 25 million square feet of built up office space.'' ''It is expected that 1.5 lakhs of direct employment will be generated in the white collar sector for finance professionals, chartered accountants, stock brokers, lawyers and about nine lakhs indirect employment for the supporting activities such as maintenance persons such as electricians, drivers, catering and so on, in the first phase itself,'' said Mr Modi.

Exorting the national and international business community to invest in the project, Mr Modi said ''The GIFT is for all financial players- institutions and individuals both, Indian and international both. The GIFT is also for technology players- technology providers for the financial institutions. It is also for Small Medium Enterprises (SMEs). Gujarat is home to one of the largest number of SMEs in India. We want to give them a financial centre in Gujarat, so they can grow into multinational companies of tomorrow. If you provide financial services to SMEs come to GIFT. We would like to have a special stock market for SMEs here. Help create these markets.'' Mr Modi said ''We would like an international agricultural commodities exchange right here to serve our farmers.'' Modi said Gujarat has over 8000 CAs and they deserve international standard real estate- offices and homes and world class technology support and access to international markets. GIFT will give them what they need to be global financial services professionals.'' Urging those interested in investing in technology sector, Mr Modi said, ''With the financial services industry, your client base is at one place. GIFT is an ideal location for technology providers as well. Today, financial world is increasingly driven by technology, and financial services industry is the largest client of technology firms. If you are a BPO or KPO firm, come to GIFT and be in touch with the global financial services industry.''

UNI