Bengaluru: Prime Minister Narendra Modi has allegedly rejected a proposal from the Karnataka government to establish a facility similar to the GIFT City in the state, according to Deputy Chief Minister DK Shivakumar. During the inauguration of the Knowledge, Wellbeing, and Innovation (KWIN) City at Vidhana Soudha, Shivakumar stated that he, along with the Chief Minister and two other ministers, approached Modi with the request, only to be told that the existing GIFT City would remain the sole financial hub.
GIFT City, located in Gandhinagar, was established in April 2015 and spans 886 acres. It hosts global financial institutions and offers 100% tax exemption for 10 years.
Shivakumar emphasized Karnataka’s capabilities, noting it accounts for over 40% of the country’s exports, and described KWIN City as more than just buildings—it aims to inspire creativity and innovation. Proposed to cover 5,800 acres with an investment of Rs 40,000 crore, KWIN City is expected to generate 100,000 jobs and house 500,000 residents.
Strategically located between Dobbaspete and Doddaballapura, the city will include a 465-acre solar farm and a rainwater harvesting system to ensure sustainable resources. The state government aims to attract 500 top foreign educational institutions and establish clinical trial centers and research labs to enhance bio-pharmaceutical research.
M.B. Patil, the state industries minister, stated that KWIN City will drive economic growth by attracting significant domestic and international investments, while Shivakumar assured the availability of water resources in the region for the next decade.
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