New Delhi
Prime Minister Narendra Modi expressed the government’s aspiration to elevate the Gujarat International Finance Tech (GIFT) City’s International Financial Services Centre (IFSC) beyond traditional finance, aiming to position it as the global hub for cutting-edge financial and technology services. Speaking at the ‘Infinity Forum 2.0’ conference via video link, PM Modi emphasized the significance of GIFT City’s products and services in addressing global challenges, with stakeholders playing a pivotal role in this endeavor.
Highlighting climate change as a major global concern, the Prime Minister underscored India’s commitment to addressing environmental issues. He pointed out India’s recent commitments at the COP Summit and stressed the need for adequate and cost-effective finance to achieve global targets.
PM Modi acknowledged the positive outcomes of initiatives launched based on suggestions from the previous Infinity Forum in April 2022. The IFSCA has established a comprehensive framework for governing fund management activities, leading to the registration of 80 fund management entities with funds exceeding USD 24 billion.
Furthermore, the Prime Minister outlined the progress in the aircraft leasing sector, with 26 units commencing operations under the IFSCA’s framework released in May 2022. He noted that international universities have received approval to commence courses in GIFT IFSC from 2024.
PM Modi highlighted India’s robust economic performance, with a GDP growth of 7.7% in the first half of the current fiscal year. He attributed this growth to transformative reforms implemented over the past decade, positioning India as a beacon of hope for the world. Recognizing India as one of the fastest-growing fintech markets globally, the Prime Minister urged experts to contribute ideas for developing a market mechanism for green credits, emphasizing the role of GIFT IFSC as an emerging center in the country’s fintech landscape.
