New GIFT city to come up in in Aluva (Kerala)

New Delhi: A new GIFT city will come, this time in Aluva (Kerala), near  the Cochin International Airport. It will be called Kochi Global Industrial Finance and Trade (GIFT) City. It will be sparad over 220 hectares.

This project will generate 1.20 lakh direct and around 3.6 lakh indirect jobs, the National Industrial Corridor Development and Implementation Trust (NICDIT) said in a statement.

The NICDIT has approved the setting up of the city as an Early Bird Project under "Kochi Bangalore Industrial Corridor". 

The GIFT city is aimed at providing an integrated ecology for hi-tech Services and also serve as a financial hub. Various formalities like environmental clearance and tenders for the project will start by March 2021. The land acquisition is to be completed by February 2021. The Master plan is also to be completed by February 2021.

Kerala government has sanctioned an amount of Rs 540 crore for the acquisition of land for the project. Rs 540 crore will serve as the state governments share in the project. The central government, through the NICDIT, will sanction an equal amount as its own share in the project. The central government will also market the project domestically and internationally.