In a bid to attract investments and create large-scale employment opportunities, the UT Administration has initiated steps to establish the proposed Chandigarh International Finance-Tec City in Industrial Area, Phase III, spread over nearly 153 acres, on the lines of Gujarat’s GIFT City.

Deputy Commissioner and Industries Secretary Nishant Kumar Yadav said preparations were underway to appoint a consultant to conduct feasibility study of potential sectors, benchmarking of the GIFT City model, regulatory and infrastructure gap assessment, and Master planning and preparation of the Detailed Project Report (DPR).

“The UT Administration aims to develop an international service hub inspired by the GIFT City model, tailored to leverage Chandigarh’s own institutional strength, governance capacity and skilled workforce,” he said. The objective is to create a globally competitive, service-sector-led economic zone, offering high-end infrastructure, regulatory ease and targeted incentives, he added.

Unlike GIFT City’s financial focus, Chandigarh’s model is envisioned to concentrate on high-value service sectors. The DPR would be submitted to the NITI Aayog by November so that the project could be announced in the upcoming Union Budget, he added.

In a recent presentation made before NITI Aayog, the UT Administration had highlighting that vast chunks of vacant land were available in Industrial Area, Phase III, near Vikas Nagar, which makes it suitable for the ambitious project of becoming a financial and technology hub.

Officials believe that after the completion of this project, IT and financial companies from India and abroad will invest in Chandigarh. This will create large-scale employment opportunities.

Punjab Governor and UT Administrator Gulab Chand Kataria had recently outlined a plan to develop Chandigarh as a national service industry centre on the lines of Gujarat International Finance Tec-City (GIFT City). He proposed that this framework should encompass tax exemptions, subsidies incentives for IT sectors, and exemptions under the Companies Act to make Chandigarh more competitive and attractive for green technology investments and skill development initiative