Linking India’s fintech strength to GIFT City in Gujarat, Prime Minister Narendra Modi on Saturday said GIFT City had the potential to become “gateway” to a global fintech world and “a fintech laboratory”.
“India is today, the fastest growing fintech markets. In the area of fintech, India’s strength is linked to its GIFT IFSCA vision. Due to this GIFT City is becoming an emerging fintech hub. GIFT City has the capacity to become a gateway to global fintech world and a fintech laboratory,” said Modi while virtually addressing “Infinity Forum 2.0” at GIFT City campus at Gandhinagar.
“The Government want to take GIFT IFSCA beyond traditional financial venture. We want to make GIFT City, the global nerve centre of new age global financial and technology services. I am confident that the products and services of GIFT City will be helpful in solving the challenges that the world is facing today,” he added citing GIFT City as a possible hub for sustainable finance and green capital flow to counter challenges of climate change.
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.
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”
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.