GIFT IFSC's digital infra enables businesses to increase efficiency: PM

Narendra Modi: India is one of the fastest growing Fintech markets in the world today

Prime Minister Narendra Modi addressed the second edition of Infinity Forum, a global thought leadership platform on FinTech via video conferencing on Saturday

                                           FinTech BizNews Service

Mumbai, December 9, 2023: The Prime Minister Narendra Modi addressed the

second edition of Infinity Forum, a global thought leadership platform on FinTech via

video conferencing today. The 2nd Edition of Infinity Forum is being jointly organized

by the International Financial Services Centres Authority (IFSCA), and GIFT City,

under the aegis of the Government of India, as a precursor event to Vibrant Gujarat

Global Summit 2024. The theme of the 2nd edition of Infinity Forum is ‘GIFT-IFSC:

Nerve Centre for New Age Global Financial Services’

Addressing the gathering, the Prime Minister recalled the pandemic-affected world

marred by the uncertainty of the global economic situation during the organization of

the first edition of the Infinity Forum in December 2021. Underlining that the

worrisome situation has not yet passed completely, and mentioning the challenges of

geopolitical tensions, high inflation and rising debt levels, the Prime Minister

highlighted India’s emergence as a symbol of resilience and progress. In such a

situation, the Prime Minister stated that the organization of such an event in the GIFT

City is taking the pride of Gujarat to new heights. The Prime Minister also took the

opportunity to congratulate the people of Gujarat on the inclusion of ‘Garba’ under

the UNESCO intangible cultural heritage tag. “Gujarat’s success is nation's success”,

he remarked. 

Prime Minister Modi reiterated that India’s growth story is based on the government’s

top priority to policy, good governance and the welfare of the citizens. He informed

that India’s growth rate during the first six months of the Fiscal Year has been 7.7

percent. As mentioned by the IMF in September 2023, the Prime Minister highlighted

India’s contribution to the global growth rate of 16 percent in the year 2023. He also

quoted the World Bank and said, “Amid the global challenges, there are high hopes

with the Indian Economy.” Shri Modi also acknowledged the Australian Prime

Minister’s statement about India being primed to lead the Global South. He

highlighted the World Economic Forum’s observation about the reduction of red

tapeism in India creating better investment opportunities. The Prime Minister

underlined that India being a ray of hope for the world is a result of its strengthening

economy and the transformative reforms of the past 10 years. He credited India’s

focus on long-term growth and economic capacity expansion at a time when the rest

of the world focused on fiscal and monetary relief. 

Emphasizing the goal of increasing integration with the global economy, the Prime

Minister listed down the achievements of flexible FDI policy in many sectors,

reduction in compliance burden, and mentioned the signing of 3 FTAs today. He said

that GIFT IFSCA is part of a larger reform to integrate Indian and global financial

markets. “GIFT City is envisioned as a dynamic ecosystem that will redefine the

landscape of international finance”, Shri Modi remarked as he underlined that it will

set new benchmarks of innovation, efficiency and global collaboration. He noted the

important landmark of the establishment of the International Financial Services

Centers Authority as a Unified Regulator in 2020. He informed that IFSCA has

created 27 regulations and more than 10 frameworks opening up new avenues of

investment during this period of economic turmoil. PM Modi expressed delight in

mentioning that the suggestions received during the first edition of Infinity Forum

have been initiated giving the example of Comprehensive Framework to Govern

Fund Management Activities as notified by IFSCA in April 2022. The Prime Minister

informed that 80 fund management entities are registered with IFSCA today which

have set up funds worth more than 24 billion dollars, and 2 leading international

universities have received approval to start their courses in GIFT IFSC in 2024. He

also touched upon the Framework for Aircraft Leasing released by IFSCA in May

2022, where 26 units have started operations as of today.

Speaking about expanding the scope of IFSCA, the Prime Minister reiterated the

government’s efforts to take GIFT IFSCA beyond traditional finance and ventures.

“We want to make GIFT City the Global Nerve Center of New Age Global Financial

and Technology Services”, Shri Modi said as he expressed confidence that the

products and services provided by GIFT City will help solve the challenges facing the

world and the stakeholders will have a huge role to play.

Prime Minister Modi drew attention to the monumental challenge of climate change

and underlined India’s concerns, being one of the largest economies in the world. He

informed about India’s commitment during the recent COP28 Summit and said that

adequate availability of cost-effective finance must be ensured to achieve the global

targets of India and the world.  He reiterated the need to understand the need for

sustainable finance to ensure global growth and stability, which was one of the

priority areas during the G20 presidency. He said that it would promote the transition

towards greener, more resilient and more inclusive societies and economies.

According to some estimates, the Prime Minister said, India will also need at least 10

trillion dollars, where a certain amount of this investment will also have to be

financed through global sources, to achieve the net zero target by 2070. He

emphasized making IFSC a global hub of Sustainable Finance. “GIFT IFSC is an

efficient channel for the necessary Green Capital Flow to make India a Low Carbon

Economy. Development of financial products like Green Bonds, Sustainable Bonds,

and Sustainability Linked Bonds will make the path of the whole world easier”, he

said. He also informed about the ‘Global Green Credit Initiative’ by India as a pro-

planet initiative in COP28. Shri Modi urged the industry leaders to put forward their

ideas on developing a market mechanism for green credit.

“India is one of the fastest growing Fintech markets in the world today”, the Prime

Minister said as he noted that India's strength in Fintech is aligned with the vision of

GIFT IFSC, and as a result, it is fast becoming an emerging hub of Fin-Tech. The

Prime Minister listed the achievements of IFSCA releasing a Progressive Regulatory

Framework for Fintech in 2022, and IFSCA’s Fintech Incentive Scheme which

provides grants to Indian and foreign Fintechs to promote innovation and

entrepreneurship. The Prime Minister said that GIFT City has the potential to

become the Gateway to the Global FinTech World and a Fintech Laboratory for the

world. He also urged the investors to take maximum advantage of it.

Throwing light on GIFT-IFSC becoming a prominent gateway to the flow of global

capital, the Prime Minister explained the concept of ‘tri-city’ i.e. located between the

historic city of Ahmedabad and the capital Gandhinagar giving it exceptional

connectivity. “GIFT IFSC's cutting-edge digital infrastructure provides a platform that

enables businesses to increase efficiency”, he remarked. The Prime Minister further

added that GIFT IFSC has emerged as a magnet that attracts the brightest minds of

the financial and technology world. He informed that today, IFSC houses 58

operational entities, 3 exchanges, including International Bullion Exchange, 25

banks, including 9 foreign banks, 29 insurance entities, 2 foreign universities, 50 plus

professional services providers including consulting firms, law firms and CA firms.

The Prime Minister expressed confidence that GIFT City will be one of the best

International Financial Centers in the world in the next few years.

“India is a country with deep democratic values and a historical tradition of trade and

commerce”, the Prime Minister underlined. Noting the existence of a diverse range of

opportunities for every investor or company in India, the Prime Minister said that

India’s vision regarding GIFT is linked to India's growth story. Giving examples, the

Prime Minister mentioned daily air traffic of 4 lakh air passengers, increase in the

number of passenger aircraft from 400 in 2014 to more than 700 today, and the

number of airports in India doubling in the last 9 years. “Our airlines are going to buy

about 1000 aircraft in the coming years”, the Prime Minister informed as he

highlighted various facilities provided by GIFT City to aircraft lessors. He also

mentioned IFSCA's Ship Leasing framework, large pool of IT talent, data protection

laws and GIFT's Data Embassy initiative providing secure facilities for digital

continuity to all countries and businesses. “Thanks to India's young talent, we have

become the base for global capability centers of all big companies”, he added.  

Concluding the address, the Prime Minister stated that India will become the world's

third-largest economy in the next few years and a developed country by 2047. He

emphasized the role of new forms of capital, digital technologies and new-age

financial services in this journey. He said GIFT City is creating unmatched

opportunities with its efficient regulations, plug-and-play infrastructure, access to the

large Indian hinterland economy, beneficial cost of operations and talent advantage.

“Let us move forward together with GIFT IFSC towards fulfilling global dreams.

Vibrant Gujarat Summit is also going to be held very soon”, he said inviting all the

investors. “Let us together explore and pursue innovative ideas to find solutions to

the world's serious issues”, Shri Modi concluded.


The 2nd Edition of Infinity Forum is being jointly organized by the International

Financial Services Centres Authority (IFSCA), and GIFT City, under the aegis of the

Government of India, as a precursor event to Vibrant Gujarat Global Summit 2024.

The forum provides a platform, where progressive ideas, pressing problems, and

innovative technologies from across the world get discovered, discussed and

developed into solutions and opportunities.

The theme of the 2nd edition of Infinity Forum is ‘GIFT-IFSC: Nerve Centre for New

Age Global Financial Services’, which will be dovetailed through the following three


Plenary Track: Making of a New Age International Financial Centre

Green Track: Making a case for a “Green Stack”

Silver Track: Longevity Finance Hub at GIFT IFSC

Each track will comprise an Infinity Talk by a senior industry leader and a discussion

by a panel of industry experts and practitioners from the financial sector in India and

across the globe, providing practical insights and implementable solutions.

The Forum will witness the participation of 300+ CXOs with strong online

participation from India and a global audience across 20+ countries including the

USA, UK, Singapore, South Africa, UAE, Australia and Germany. The event will also

be attended by Vice-Chancellors from foreign universities and representatives of

foreign embassies

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