Gujarat International Finance Tec-City, also called GIFT City, is a central business district under construction in the Ahmedabad district in Gujarat, India. It is India’s first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. In 2020 GIFT IFSC bagged 10th place in Finance Industry and top rank in emerging financial centres in the Global Financial Centres Index. As of June 2023, it is home to 23 multi-national banks, including HSBC, JP Morgan, and Barclays. Furthermore, it includes 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India’s first international bullion exchange with 75 onboarded jewellers. The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport. The city is designed so residents can walk to work, and includes commercial, financial and residential complexes. The city is connected through 4-6 lane state and national highways. A metro station is also planned for construction, which would connect GIFT City to the Ahmedabad Metro network. This is expected to be completed by March 2024. The total area for the development of GIFT is 359 hectares (886 acres) out of which the special economic zone (SEZ) constitutes 106 hectares (261 acres). The project area under development can hence be classified under the SEZ area and the non-SEZ area (also known as the Domestic Tariff area or the DTA). With the opening of the first campuses of two Australian universities on 7 November 2023 in the presence of Indian counterpart Dharmendra Pradhan and Australian Education Minister Jason Clare, GIFT City is beginning to establish itself as the centre of foreign universities in the nation.
Ways that can help GIFT City being a Global Hub for Alternative Dispute Resolution
- All India Political Parties Meet a must
As India being a diverse nation having 28 states and 7 Union Territories having different party Government at the State as well as at the National Level. An All-India Political Parties meet is a must as different State Leaders will voice their opinion as why only Gujarat is being selected for the same. The Central Government need to convince everyone why Gujarat has been selected and decided for Global ADR Centre. A uniformity along with appreciation by all the Political Parties in India may have a great impact for making GIFT City a global hub for ADR.
- Special Buses, Cars, etc. for Travel from Airport/Railway Station to GIFT City
As GIFT City being located approximately around 20 kilometres away from the station and airport, it has become a hurdle for the parties to reach there. A special transport service must be made at an affordable price to reach GIFT City without any hardship. Also, a Special Sightseeing Bus/Cab must be deployed wherein it may also contribute to the tourism sector.
- Hotel and Restaurants
As GIFT City being a global destination in the future, 5-star hotel along with every restaurant must be given a chance to start their business there. Every kind of cuisine must be made available to the parties coming there for ADR. Major Indian Players in the market must be given a chance to show up their skills in the global market wherein their contribution to the GDP surely will have a great impact.
- Supportive Arbitration Jurisdiction
The local legislative framework should aim at providing priority to party autonomy, the efficacy of proceedings, the sanctity of arbitral awards and work towards the provision of ample court assistance in arbitrations. They should adopt a similar structure like Singapore or Hongkong to make GIFT City a global ADR Hub.
- Efficient Governance
The institutions must have modern and updated rules which must allow them to offer parties more flexibility. Services like scrutiny of the draft arbitral award and other potential defects must be made available to make GIFT City more preferable. Only experienced panel of arbitrator having international expertise and a well-organized administrative staff must be chosen for the same. The state-of-the-art infrastructure must be made available for conducting the whole process efficiently and smoothly.
- Enhanced Role of Government
The government’s role must be to actively encourage institutional arbitration and provide infrastructural support. The government must facilitate institutional arbitration by helping build a physical infrastructure and also take steps to build integrated infrastructure such as Maxwell Chambers.
- Promote Mediation as a viable ADR mechanism
There is need to create a difference between ADR mechanism and litigations. Other forms of dispute resolution are also equally important. The “Med-Arb” combination is praised all over the globe which must be implemented for being more efficient and having greater party autonomy than mediation and arbitration separately. All the arbitral institutions should also provide for mediation services through a cell.
- Establishment of Statutory Autonomous body
Arbitration Promotion Council of India (APCI) should be established at national level. This autonomous body would comprise of the representatives from the government, legal community, and arbitral institutions. The members of the body shall have substantial expertise in arbitration. The main function would be to grade the arbitral institutions as per the grading policy, to make recommendations regarding the governance of institutions, conduct researches etc. and must always strive to make an effort for promoting Institutional Arbitration in India. On the grade given by APCI, the High Courts and Supreme Courts may be encouraged to designate arbitral institutions as authorities for appointing arbitrators.
- Establishment of a specialist bar:
For speedy and efficient governance of arbitration preceding the Committee is of the opinion that there should be an establishment of a specialist arbitration bar and arbitration benches in India. The arbitration bar would comprise of a young and trained pool of arbitrators who has substantial expertise in arbitration and accredited by the APCI.
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