Prime Minister Narendra Modi stated that India aims to establish its financial hub in Gujarat as a worldwide centre for sustainable finance to help fund the USD 10 trillion investment required to meet its 2070 net zero emissions target. He said India wants to expand the role of GIFT City to make it a new-age financial services and technology nerve centre.
"GIFT IFSC is an efficient channel to make India a low-carbon economy and get the required green capital flow. Issuance of financial instruments such as green bonds, sustainable bonds, and sustainability-linked bonds will help the world," PM Modi said in a speech.
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While addressing the second edition of Infinity Forum, a global thought leadership platform on FinTech via video conferencing today, PM Modi highlighted India's progress and the country's economy has progressed at the rate of 7.7 per cent in just six months of this Fiscal Year. Adding that, the prime minister reiterated that India’s growth story is based on the government’s top priority to policy, good governance and the welfare of the citizens.
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PM Modi emphasised India's 16 per cent global growth rate in 2023, as noted by the IMF in September this year. He also quoted the World Bank and said, "Amid the global challenges, there are high hopes with the Indian Economy." PM Modi also acknowledged the Australian Prime Minister’s statement about India being primed to lead the Global South.
The prime minister emphasised that the reason India is a beacon of hope for the globe is because of its growing economy and the revolutionary changes it has implemented over the last ten years.
About GIFT-IFSC
GIFT-IFSC is a tax-neutral financial centre that aims to compete with hubs like Singapore as it provides fiscal incentives and a looser regulatory environment. Under the aegis of the Government of India, the second edition of Infinity Forum is being jointly organized by the International Financial Services Centres Authority (IFSCA), and GIFT City, as a precursor event to the Vibrant Gujarat Global Summit 2024.