In a dramatic departure from state law, the Gujarat government has approved the consumption of alcoholic beverages inside of hotels, eateries, and clubs that fall under the "Wine and Dine" category in Gujarat International Finance Tec-City (GIFT). However, the new policy accommodates authorized visitors as well as employees' recreational needs while they are in the city.
A Liquor Access Permit has been instituted by the government, granting this privilege to all employees and proprietors operating within GIFT City. This license expressly makes it easier for people to drink alcohol in places that provide the "Wine and Dine" experience.
Permit holders affiliated with each company located in GIFT City are now able to apply for short-term permits. With these permits, they are allowed to partake in the consumption of alcoholic beverages, provided that they do so in the presence of permanent employees from the relevant organizations.
Both new and established hospitality businesses in GIFT City now have the chance to obtain the FL3 license. With the help of this license, these organizations are able to serve authorized guests as well as officially serving staff with alcoholic beverages.
The sale of bottled liquor is still strictly forbidden, even though hotels, clubs, and restaurants are allowed to offer services for the consumption of alcohol.
PM Modi on GIFT City
PM Modi said the government wants to take GIFT IFSCA beyond traditional finance and ventures and make it the global nerve centre of new age global financial and technology services.
Addressing the 'Infinity Forum 2.0' conference at the Gujarat International Finance Tec (GIFT) City via video link, PM Modi said, "I am confident, GIFT City's products and services will help solve the challenges facing the world. And all you stakeholders have a big role in this."
"One of the biggest challenges facing the world today is Climate Change. India, being one of the largest economies in the world, does not underestimate these concerns, we are conscious of that. Even at the COP Summit a few days ago, India has made new commitments to the world. To achieve the global targets of India and the world, we will have to ensure adequate availability of cost-effective finance," the Prime Minister said.
He pointed out that many initiatives have been started based on the suggestions that were made in the first edition of Infinity Forum in April 2022 with the IFSCA notifying a comprehensive framework to govern fund management activities.
"Today there are 80 fund management entities registered with IFSCA, which have setup funds worth more than USD 24 billion. These two leading international universities have received approval to start their courses in GIFT International Financial Services Centre (IFSC) from 2024. The framework for aircraft leasing was released by IFSCA in May 2022, today 26 units have started operations with IFSCA," the Prime Minister said.
He also said that India's GDP growth of 7.7 per cent in the first half of the current fiscal year reflects the country's strengthening economy based on the transformative reforms carried out by the government.
"In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India's strengthening economy and also the transformative reforms carried out in the last 10 years," Modi said in his inaugural address.
India is one of the fastest growing fintech markets in the world today and the GIFT International Financial Services Centre (IFSC) is emerging as its centre. He urged experts to share their ideas on developing a market mechanism for green credits.
(With inputs from IANS)
