09-12-2023 02:17 PM | Source: Reuters
India`s Narendra Modi aims to make GIFT City a centre for sustainable finance

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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, 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.