Gujarat Appoints Uday Kotak as Chairman of GIFT City

New Delhi: India’s western state of Gujarat has appointed veteran banker Uday Kotak as the Chairman of Gujarat International Finance Tec-City (GIFT City), according to an official state government notification.

Kotak succeeds former bureaucrat Hasmukh Adhia in leading the country’s flagship international financial services hub.

Strengthening GIFT City’s Global Position

GIFT City, located in Gandhinagar, has been positioned as India’s gateway for global financial services. The special economic zone offers streamlined regulations and tax incentives to attract international capital and compete with major financial centres such as Singapore and Dubai.

Earlier this month, the central government extended tax incentives for businesses operating in GIFT City, doubling the tax holiday period to 20 years for eligible enterprises. The move is aimed at boosting foreign investment, financial services exports, and cross-border transactions.

Uday Kotak’s Leadership Profile

Uday Kotak is the largest shareholder of Kotak Mahindra Bank and is widely regarded as one of India’s most influential bankers. His financial services group spans banking, alternative investments, asset management, and insurance businesses.

With decades of experience in capital markets and financial services, Kotak’s appointment is expected to enhance GIFT City’s strategic vision and strengthen its positioning as a global financial hub.

Vision for the Future

The Gujarat government aims to transform GIFT City into a leading international financial centre by:

• Attracting global banks and fintech firms

• Expanding international exchanges and fund management operations

• Increasing offshore financial activities within India

Kotak’s leadership is expected to accelerate these efforts, particularly in mobilising global capital and deepening India’s integration with international financial markets.