Govt to make GIFT City global hub of new age finance & tech services: PM Modi

New Delhi, Dec 9

Prime Minister Narendra Modi on Saturday said the government wants to take GIFT IFSCA beyond traditional finance and ventures and make it the global nerve centre of new age global financial and technology services.

Addressing the 'Infinity Forum 2.0' conference at the Gujarat International Finance Tec (GIFT) City via video link, PM Modi said, "I am confident, GIFT City's products and services will help solve the challenges facing the world. And all you stakeholders have a big role in this."

"One of the biggest challenges facing the world today is Climate Change. India, being one of the largest economies in the world, does not underestimate these concerns, we are conscious of that. Even at the COP Summit a few days ago, India has made new commitments to the world. To achieve the global targets of India and the world, we will have to ensure adequate availability of cost-effective finance," the Prime Minister said.

He pointed out that many initiatives have been started based on the suggestions that were made in the first edition of Infinity Forum in April 2022 with the IFSCA notifying a comprehensive framework to govern fund management activities.

"Today there are 80 fund management entities registered with IFSCA, which have setup funds worth more than USD 24 billion. These two leading international universities have received approval to start their courses in GIFT International Financial Services Centre (IFSC) from 2024. The framework for aircraft leasing was released by IFSCA in May 2022, today 26 units have started operations with IFSCA," the Prime Minister said.

He also said that India's GDP growth of 7.7 per cent in the first half of the current fiscal year reflects the country's strengthening economy based on the transformative reforms carried out by the government.

"In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India's strengthening economy and also the transformative reforms carried out in the last 10 years," Modi said in his inaugural address.

India is one of the fastest growing fintech markets in the world today and the GIFT International Financial Services Centre (IFSC) is emerging as its centre. He urged experts to share their ideas on developing a market mechanism for green credits.