India's Modi aims to make GIFT City a centre for sustainable finance
Business
India's Modi aims to make GIFT City a centre for sustainable finance
AHMEDABAD, India (Reuters) - India wants to make its financial hub in the western state of Gujarat a centre for global sustainable finance to help fund the $10 trillion investment needed to achieve its 2070 net zero emissions goal, Prime Minister Narendra Modi said on Saturday.
"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," Modi said in a speech.
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 a tax-neutral financial centre that aims to compete with hubs like Singapore as it provides fiscal incentives and a looser regulatory environment.
