BT Best Banks summit: GIFT City can be India’s answer to Singapore, Dubai or Hong Kong, says bestselling author Chetan Bhagat
According to Bhagat, one way GIFT City can rise up as India's answer to Singapore or Dubai is through localisation.
- Mar 22, 2024,
- Updated Mar 22, 2024 7:51 PM IST
Chetan Bhagat needs no introduction. Bestselling author, whose books have been turned into movies that themselves have gone on to rake millions in the box office, Bhagat, speaking at the Business Today Banking & Economy Summit, lauded Gujarat's spirit of entrepreneurship and pointed out that it is precisely this way of life that can propel the country forward.
"Gujarati culture is all about being self-made. Here, no matter who you are, the way of life is defined by the statement: apna dhanda hona chaiye," he said. With the BT event taking place at the futuristic GIFT City in Gandhinagar, Bhagat's comments were received by a large and thumping round of applause.
Taking this idea of entrepreneurship further, Bhagat, who was an investment banker before becoming an author, spoke at length about living in cities like Hong Kong, and how GIFT City can become India's answer to these megapolises. "I spent a fair amount of time in Hong Kong and the British had just left. The Chinese had taken over it, and they used to call the city 'one country, two sisters.' But Hong Kong is a financial nerve centre. So is Singapore, or Dubai. And with proper reforms, GIFT can become that," he said.
Interestingly, according to Bhagat, one way GIFT City can rise up as India's answer to Singapore or Dubai is through localisation. "For those financial companies coming here in GIFT, you have to offer them incentives. They need local courts, you would need a mayor," he said. Pointing out the success of Dubai and Singapore, Bhagat said that one reason people, especially high net-worth individuals, choose these cities is because they can maintain their non-resident status. "That has to come to GIFT," he added. "And then you have the big infrastructure push. Great connectivity, bullet trains, these things. With a bullet train now you can commute between GIFT to Mumbai in under three hours," he said.
Bhagat, who is now back with his new book called 11 Rules For Life: Secrets to Level Up, also touched upon how, despite being an author, he still loves the world of finance. "At the end of the finance is a tool. Ultimately it is about people, and connections," he said.
Chetan Bhagat needs no introduction. Bestselling author, whose books have been turned into movies that themselves have gone on to rake millions in the box office, Bhagat, speaking at the Business Today Banking & Economy Summit, lauded Gujarat's spirit of entrepreneurship and pointed out that it is precisely this way of life that can propel the country forward.
"Gujarati culture is all about being self-made. Here, no matter who you are, the way of life is defined by the statement: apna dhanda hona chaiye," he said. With the BT event taking place at the futuristic GIFT City in Gandhinagar, Bhagat's comments were received by a large and thumping round of applause.
Taking this idea of entrepreneurship further, Bhagat, who was an investment banker before becoming an author, spoke at length about living in cities like Hong Kong, and how GIFT City can become India's answer to these megapolises. "I spent a fair amount of time in Hong Kong and the British had just left. The Chinese had taken over it, and they used to call the city 'one country, two sisters.' But Hong Kong is a financial nerve centre. So is Singapore, or Dubai. And with proper reforms, GIFT can become that," he said.
Interestingly, according to Bhagat, one way GIFT City can rise up as India's answer to Singapore or Dubai is through localisation. "For those financial companies coming here in GIFT, you have to offer them incentives. They need local courts, you would need a mayor," he said. Pointing out the success of Dubai and Singapore, Bhagat said that one reason people, especially high net-worth individuals, choose these cities is because they can maintain their non-resident status. "That has to come to GIFT," he added. "And then you have the big infrastructure push. Great connectivity, bullet trains, these things. With a bullet train now you can commute between GIFT to Mumbai in under three hours," he said.
Bhagat, who is now back with his new book called 11 Rules For Life: Secrets to Level Up, also touched upon how, despite being an author, he still loves the world of finance. "At the end of the finance is a tool. Ultimately it is about people, and connections," he said.