Sanjay Kaul, the Managing Director and Group CEO of Gujarat International Finance Tec-City (GIFT City), has strongly dismissed concerns about liquor prohibition being a barrier to business growth in Gujarat. In comments made on Monday, Kaul stated that alcohol unavailability serves merely as an excuse for those unwilling to establish operations in the state and for perpetual government critics.
Wine and Dine Policy Shows Positive Response
Responding to questions from The Indian Express, Kaul revealed that the special 'wine and dine' policy implemented in December 2023 has received an overwhelmingly positive response. The Gujarat government made a historic exception to the state's prohibition laws by allowing alcohol consumption in designated hotels, restaurants, and clubs within GIFT City - India's first operational International Financial Services Centre (IFSC).
"Response is very good. Hotels are doing well. If you are not getting liquor outside and it is available here, which is a big thing. But liquor should not be an issue," Kaul emphasized during the interaction on November 25, 2025.
He provided compelling evidence of the policy's success, sharing an anecdote about visiting the licensed establishments at 10 am and discovering they open at 11 am due to consistent demand throughout operating hours. "People are there since 11 am, people who are guests of the employees, be it a social purpose, meetings, lunch or a get-together," Kaul explained.
Prohibition Concerns Dismissed as Mere Excuses
The GIFT City chief firmly addressed what he perceives as unjustified criticism regarding alcohol availability. "Liquor unavailability is an excuse for people who do not want to set up office here and those who want to criticise whatever the government does. That is how I see it," Kaul stated unequivocally.
He argued that serious business investors focus on substantial benefits rather than peripheral issues. "When you talk to them, those who are serious come here. What do they need, tax savings and low office costs," Kaul highlighted, pointing to the fundamental advantages that attract enterprises to GIFT City.
Ambitious Expansion Plans for GIFT City
Discussing the future trajectory, Kaul outlined ambitious development targets for the financial hub. The goal for 2030 stands at 62 million square feet, with plans to achieve 31 million square feet by mid-2028 based on current projections.
As of September 2025, significant progress has been made with development rights for 29.45 million square feet already allotted. This includes 15.9 million square feet of Domestic Tariff Area (DTA), 9.8 million square feet of Special Economic Zone (SEZ), and 3.8 million square feet with dual permission.
Kaul confirmed that expansion would continue as needed, stating, "If the government gives us more land, we will definitely expand. Now, 50 per cent development has already been done."
Robust Business Ecosystem and Major Tenants
GIFT City has established itself as a thriving business destination with impressive metrics. The complex currently hosts over 1,034 entities and provides employment for more than 27,000 professionals across diverse sectors.
The key operating sectors demonstrate the hub's comprehensive financial ecosystem:
- Banking and capital markets
- Fund management and insurance
- Aircraft and ship leasing
- FinTech and sustainable finance
- Global treasury operations
- Education and technology services
Among the 71 buildings in various stages of development, 25 are operational, 37 under construction, 6 in planning phase, and 3 awaiting development permission.
The tenant roster reads like a who's who of global business, featuring technology giants including Google, TCS, Infosys, Wipro, Cognizant, IBM, Capgemini, and Oracle. The financial sector is equally impressive with 38 IFSC Banking Units comprising global powerhouses like HSBC, Standard Chartered, Barclays, JP Morgan, and major Indian banks including SBI, HDFC Bank, and ICICI Bank.
This robust presence of leading national and international companies underscores GIFT City's successful transformation into a premier financial destination, despite the ongoing discussions around prohibition laws.
