Over the past six months, eight out of the top 10 Indian asset managers have either relocated their businesses to GIFT City or are in the process of doing so.
Several Indian asset managers are transitioning their offshore operations from global financial hubs like Dubai and Singapore to Gujarat's International Finance Tec-City (GIFT City) for enhanced access to India's capital markets. Backed by the Indian government as a conduit for international capital, GIFT City is luring firms with tax incentives and other perks., Markets News, Times Now
The Gujarat Prohibition and Excise Department on December 22 announced the relaxation of the Prohibition Act in GIFT City. The state government issued a notification, on effecting the new provision.
Consumption of liquor will be allowed only in the designated area in GIFT City, Gandhinagar and any alcohol served and left unconsumed “would be destroyed”, the authorities informed.
The Confederation of Indian Alcohol Beverage Companies expressed approval of the Gujarat government s decision to permit liquor sales in GIFT City, terming it "progressive." The move is expected to boost the state s economy and attract global companies. The Gujarat government s official order allows a Liquor Access Permit for employees or owners in GIFT City