Karnataka's Deputy Chief Minister DK Shivakumar has alleged that Prime Minister Narendra Modi rejected the state's proposal to establish a facility similar to Gujarat's GIFT (Gujarat International Finance Tec) City. 

Speaking during the inauguration of the Knowledge, Wellbeing, and Innovation (KWIN) City project in Vidhana Soudha on Thursday, September 26, Shivakumar said, “The Chief Minister, two other ministers, and I approached the Prime Minister to request a GIFT City for Karnataka. He refused, saying that it will not be allowed, and that the existing GIFT City will remain the only financial hub.”

GIFT City, launched in April 2015 in Gandhinagar, Gujarat, with a $1 billion investment, is spread over 886 acres and hosts global financial institutions, offering special economic zones and 100% tax exemptions for 10 years.

Despite the refusal, Shivakumar said that he didn't wish to address the issue further but that Karnataka is capable of advancing its own projects, adding that the state contributes more than 40% of India's exports. The Bengaluru Development Minister also said that KWIN City will not be merely a concrete jungle but a sustainable city designed to enhance the quality of life for its residents.

"KWIN City is not just a collection of buildings. It is designed to inspire creativity and push boundaries," he said, expressing confidence that the new city could become a crucial development hub for the state and the country.

KWIN City, spread across 5,800 acres, is a 45-minute drive from Bengaluru airport located between Dobbaspete and Doddaballapura and 50 kms from the city centre. It aims to generate 1 lakh jobs and accommodate 500,000 residents. With an investment of Rs 40,000 crore, it will focus on four key pillars: Knowledge, Health, Innovation, and Research. The city will feature a solar farm capable of generating 0.69 million MWh of power and an advanced rainwater harvesting system to meet 50% of its water needs with an extra 20% supplied by borewells. The state government plans to attract 500 top foreign educational institutions and establish clinical trial centres, research labs, and a Life Sciences Park, positioning KWIN City as a leading academic medical hub in Asia.