What is GIFT City ?
GIFT City, short for Gujarat International Finance Tec-City, is a business district in Gujarat, India, designed to be a global financial and IT services hub. Located between Ahmedabad and Gandhinagar, it aims to provide high-quality infrastructure and facilities comparable to global financial centers such as London, New York, and Hong Kong.

GIFT City is envisioned to be an international financial services center, offering services such as banking, insurance, and asset management. It includes a multi service SEZ( Special Economic Zone) with international standard facilities for the financial services sector. It is designed with state-of-the-art infrastructure, including high-speed internet, efficient waste management, reliable power supply, and advanced transportation networks. The city also incorporates smart city features such as automated waste collection, an underground utility tunnel, district cooling systems for centralized water system and also aims to have a centralized air and water purifying system.

It operates under a conducive regulatory framework aimed at attracting both domestic and international businesses. The International Financial Services Centres Authority (IFSCA) is the unified regulator for GIFT City.

Why India needs it?
GIFT City provides a platform to attract international financial institutions, investors, and businesses. Developing a specialized financial and IT hub can significantly contribute to India’s GDP and create job opportunities. Also, traditional financial centers in India like Mumbai are facing congestion, high real estate costs, and infrastructural challenges. GIFT City provides a modern, planned alternative that can alleviate some of these pressures. And definitely ,as a hub for financial technology (fintech) and IT services, GIFT City will promote innovation. It can create an ecosystem for startups, tech companies, and financial institutions to collaborate and innovate. 
The location of developing such a city was chosen strategically. It has easy access to major urban centers, international airports, and ports.
This project was initiated by now PM Mr Narendra Modi, then CM of Gujarat about a decade ago. The project was on verge to fail but then the story changed.

From initially a joint venture between Gujarat state government and IL&FS (Infrastructure Leasing and Financial Services Ltd.), a construction and financial services company to formation of GIFT , the project experienced lot of developments.