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Gandhinagar, 11 August. Gujarat Chief Minister Bhupendra Patel on Tuesday said the state government has allocated 39 per cent of its total budget this year for capital expenditure. Addressing the inaugural session of 'Global Connect GIFT City Edition' jointly organized by HSBC and NDTV at Gujarat International Finance Tech-City (GIFT City), he also said that the state's focus is on infrastructure and development of emerging sectors while GIFT City is continuously expanding as an international financial hub.

Bhupendra Patel said the allocation for capital expenditure is part of the state's broader focus on infrastructure as well as sectors such as advanced technology, semiconductors, data centers and Artificial Intelligence (AI). He said that GIFT City has become an important medium to realize Prime Minister Narendra Modi's vision of taking India's financial sector to the global level.

India is creating a new identity in the world by becoming the country's first financial tech city. GIFT City

Patel said, 'GIFT City is creating a new identity for India in the world by becoming the country's first financial tech city.' He said that under the leadership of Prime Minister Modi, India is moving towards becoming the third largest economic power in the world. The country's only International Financial Services Center (IFSC) and Bullion Exchange in GIFT City are also giving new impetus to the development of the financial sector.

According to the Chief Minister, many sectors including banking, insurance, asset management, capital market services, fund management, fintech, aircraft leasing and ship leasing are expanding in GIFT City.

GIFT City Announcement of special incentives for businesses operating in

He said that special incentives have been announced in the Union Budget for businesses operating in GIFT City. These include the provision of giving tax holidays for 20 consecutive years instead of the earlier period of 10 years. This will increase investor confidence and provide more flexibility to invest in the financial centre.

in financial services AI Emphasis also on the increasing role of

CM Patel also stressed on the growing role of AI in financial services. He said that AI is no longer limited to just the technical sector but is also bringing major changes in banking, risk management and wealth management. He said that the AI ​​Center of Excellence established in GIFT City has become an important hub to bring together new solutions, experts, businesses and startups on one platform.

The Chief Minister also highlighted the potential of green bonds, sustainable financing, climate finance and renewable energy financing in GIFT City. He said these initiatives will help tackle global warming and climate change and advance the Prime Minister's vision of 'Green Growth'.

to Sabarmati Riverfront GIFT City Work underway to expand to

He said that the facilities and connectivity of the people living and working in GIFT City are also being improved. He said that metro connectivity has been provided to ease the movement of people. He said that the work of extending Ahmedabad's Sabarmati Riverfront to GIFT City is also progressing rapidly. He described the development of GIFT City as an example of Prime Minister Modi's thinking, in which future plans are transformed into reality by thinking beyond the present.