*GIFT IFSC to be nerve sector for new-age financial services: PM Modi*
News sources:
Republic Tv
*1:17pm.9 Dec 2023*
India’s growth story has shown the world that when policies are given foremost importance, when good governance is implemented with all might, and the benefit of countrymen and the nation forms the basis of economic policies, results can be achieved, said PM Narendra Modi.During the second edition of Infinity, a large-scale fintech event, Modi said, “Within 6 months of this fiscal year, India was able to achieve a growth rate of 7.7 per cent.”Highlighting his vision for GIFT IFSC, a financial centre and special economic zone in Gujarat, Modi said, “I want GIFT IFSC to emerge as the nerve centre for new-age financial services focused on solving pressing world problems.””Currently, the world’s biggest issue is climate change, and India doesn’t consider it less important,” he said.Further, he stated that for India and the world to meet its targets, cost-effective finance would play an important role.During India’s G20 presidency, the focus was on stability in global growth, and the need for sustainable finance.Modi said, “For India to meet its net-zero carbon footprint target by 2070, we would need $10 trillion, in which global funding sources would play a prominent role.””GIFT IFSC should be a global hub for sustainable finance,” he stated.Coming to the GIFT IFSC’s contribution towards the fintech ecosystem, Modi said, “The world’s biggest minds in the arena of finance and technology are attracted towards India.
The GIFT IFSC consists of 580 operational entities, 25 banks, including 9 foreign banks, 29 insurance entities, 2 foreign universities, and 50 professional service providers.”One of Modi’s goals is to successfully “integrate GIFT IFSC with the global financial market” by making it part of larger reforms, leading to a more “refined international financial landscape”.In the course of his inaugural speech, he reminded the fin-tech players that, “In September, the IMF said, 16 per cent global growth will happen from India.”