Gujarat has brought in seasoned banker Uday Kotak to lead its ambitious GIFT City project, replacing former bureaucrat Hasmukh Adhia as chairman, the state government announced.
The appointment comes at a crucial time for Gujarat International Finance Tec-City—better known as GIFT City—which is positioning itself as India’s answer to global financial hubs like Singapore and Dubai. The special economic zone offers streamlined tax benefits and relaxed regulatory norms designed to lure international capital.
The move follows a significant policy boost earlier this month when the central government extended the tax holiday for companies setting up shop in GIFT City from 10 to 20 years—a decision that signals New Delhi’s commitment to making the financial centre more competitive.
Kotak brings considerable heft to the role. As the largest shareholder in Kotak Mahindra Bank, one of India’s leading private sector lenders, he oversees a sprawling financial services empire spanning alternative investments, asset management, insurance, and more.
Industry watchers see the appointment as a strategic choice, with Kotak’s deep understanding of financial markets and global business networks potentially accelerating GIFT City’s growth trajectory. The financial district, located between Ahmedabad and Gandhinagar, has been steadily attracting banks, fintech companies, and insurance firms since its inception, though it still has ground to cover in its ambition to rival established Asian financial centres.