PM Modi's vision in transforming GIFT City into a hub for sustainable finance, discusses GDP growth
GIFT City Gandhinagar: Prime Minister Narendra Modi made significant declarations during his address at the 'Infinity Forum 2.0' conference held at the GIFT City in Gandhinagar. Touching upon India's economic progress, Modi highlighted the country's robust GDP growth of 7.7 per cent in the initial half of the current fiscal year. He attributed this achievement to India's flourishing economy and the series of transformative reforms executed over the past decade.
Asserting his government's ambition, Modi expressed a keen desire to elevate the Gujarat International Finance Tec (GIFT) City into a global powerhouse for contemporary financial and technology services. Through a video link, he emphasised India's pivotal role in the global arena, emphasising that India has garnered worldwide expectations—a feat not attained spontaneously but as a result of the nation's strengthened economic framework and sustained reforms.
An ambitious vision unfolded as Modi revealed plans to mold the financial hub in Gujarat into a pivotal center for global sustainable finance, a strategic move aimed at facilitating the required $10 trillion investments for India's ambitious 2070 net zero emissions target. Modi underscored the significance of GIFT IFSC (International Financial Services Centre) as a conduit for steering India towards a low-carbon economy and encouraging the inflow of essential green capital. He emphasised the issuance of financial instruments like green bonds, sustainable bonds, and sustainability-linked bonds as key contributors to this global endeavour.
Expanding the scope of GIFT City stood as a focal point in Modi's discourse, with intentions to shape it into a modern-day nucleus for financial services and technological innovations. The GIFT-IFSC, a tax-neutral financial center, aims to position itself in competition with renowned hubs such as Singapore, leveraging fiscal incentives and a more relaxed regulatory environment. Highlighting India's burgeoning position in the fintech landscape, Modi spotlighted the emergence of the GIFT International Financial Services Centre (IFSC) as a prominent player in this arena. He urged experts to collaborate and brainstorm mechanisms for fostering green credits within the market—an essential step towards sustainable financial practices.
In a moment of pride, Modi extended congratulations to the people of Gujarat for the inclusion of the state's traditional Garba dance in UNESCO's prestigious 'Representative List of the Intangible Cultural Heritage of Humanity'. This recognition underscored India's rich cultural heritage on a global stage, adding to the country's diverse tapestry of traditions and practices. Modi's address at the 'Infinity Forum 2.0' not only highlighted India's economic strides but also underscored the nation's commitment to embracing sustainable practices, fostering innovation, and preserving its cultural heritage.
- With inputs from agencies
