Karnataka's state IT minister Priyank Kharge informs the Finance Minister about plans for a GIFT City-style hub in the state.

Karnataka's IT-BT minister Priyank Kharge met with the country's finance minister, Nirmala Sitharaman, on Friday to seek support for creating a business district in Karnataka modeled after Gujarat's GIFT City.

In a formal letter to the FM on Tuesday, Kharge requested help in establishing a central business district in Karnataka that would host a global financial and IT hub similar to the Gujarat International Finance Tec-City (GIFT City) project.

Kharge emphasized that such a district would boost economic growth, generate numerous jobs, attract foreign investments, and enhance Karnataka's status as a global business hub. GIFT City, established in Gujarat in 2015, is the only global financial and technology hub in India, spanning 886 acres and encouraging businesses to set up their international units. It has been approved as a multi-services Special Economic Zone (GIFT SEZ) and designated as India’s International Financial Services Centre (IFSC) by the Government of India.

During his meeting with the FM in New Delhi, Kharge argued that Karnataka's vibrant economy, strong IT sector, and strategic location make it an ideal candidate for a similar business hub. He highlighted the state's diverse industrial landscape, including sectors like IT, biotechnology, aerospace, and startups, and pointed to Karnataka’s focus on research and development (R&D) and its prestigious institutions such as the Indian Institute of Sciences and the International Institute of Information Technology in Bengaluru, known as the "Silicon Valley of India."

On Tuesday, June 25, Kharge told media that Prime Minister Narendra Modi was pressuring companies to invest in Gujarat by blocking investments intended for Karnataka. GIFT City is a favored project of Modi, who conceptualized it while serving as Gujarat's chief minister around 2008.