GIFT City Poised to Become a Global Hub for Climate Financing:PM Modi

Ira Singh
Khabar Khabaron Ki,10 Dec’23

Prime Minister Narendra Modi, in a significant announcement on Saturday, revealed that the International Financial Services Centres Authority (IFSCA) is eyeing Gujarat International Finance Tec-City (GIFT City) in Gujarat to emerge as a pivotal global center for climate financing. This endeavor, alongside its existing emphasis on sectors like fintech, signifies a strategic shift toward bolstering green initiatives on a global scale.

PM Modi was delivering the inaugural speech virtually at the Infinity Forum 2.0, organised at GIFT IFSC, in the run up to the 10th edition of the Vibrant Gujarat Global Summit, scheduled next month.

Pointing out that India has registered 7.7 per cent growth in the first six months of the current financial year, the prime minister said, “Today the entire world, has its hopes pinned on India and this is a reflection of India’s strengthening economy and also the transformative reforms carried out in the last 10 years. These reforms have strengthened the economic foundations of the country during the pandemic when most countries were focussing on only on fiscal and monetary relief, we focused on long term growth and expansion of economic capacity. An important focus of our reforms has been to increase our integration with the global economy”

PM Modi said that in order to create investment avenues, GIFT IFSCA has formulated 27 regulations and created 10 frameworks in between the global economic turmoil.

The Prime Minister also said GIFT IFSCA was currently hosting 580 operational entities, three exchanges, 25 banks, 29 insurance entities, two foreign universities and 50 plus professional service providers.