GIFT city

Why in news?

• Indian Oil Corporation (IOC), the nation's largest oil firm, said it will float a new company to carry out finance activities including global treasury services in GIFT City, Gandhinagar.

About GIFT city:

• Gujarat International Finance Tec-City (GIFT City) is a business district near Ahmedabad in Gujarat.
• It is India's first operational greenfield smart city and international financial services centre,
• The city is located on the banks of the Sabarmati River.
• The city is connected though 4-6 lane State and National Highways.
• GIFT City is an integrated development on 886 acres of land with 62 mn sq. ft. of built-up area which includes office space, residential, schools, hospitals, hotels, clubs, retail and various recreation facilities.
• GIFT City has a dedicated multi-services Special Economic Zone (SEZ) for International operations for various services sector players.
• Also, GIFT multi-services SEZ has the status of India’s first International Financial Services Centre (IFSC) approved by the Government of India.

PRACTICE QUESTION:

India’s first international Finance Tec-city is located in:

(a)Gujarat

(b)Karnataka

(c)Maharashtra

(d)Tamil Nadu

Answer