PM Modi Tells How India Is Moving Towards Global Financial Leadership?

What is GIFT City? How Gift city will boost India's position as global financial leader? What are Bharat's commitment for cost-effective finance? Read on this enticing story to know more about it.

Shreshtha Verma
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PM Modi India Moving Towards Global Financial Leadership

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In his address to the second edition of the Infinity Forum, Prime Minister Narendra Modi shared insights into Bharat's economic resilience and outlined his ambitious vision for the Gujarat International Finance Tec-City (GIFT City). The forum, attended by esteemed leaders from financial institutions and organizations, unfolded as a platform for discussing crucial economic policies amid global uncertainties.

Resilience Amidst Global Challenges

Opening his address with a warm Namaskar, Prime Minister Modi acknowledged the challenges posed by geopolitical tensions, high inflation, and escalating debt levels worldwide. Despite these hurdles, he emphasized Bharat's emergence as a beacon of resilience and progress.

"Bharat has become a splendid example of resilience and progress," he remarked.

Gujarat's Achievements and Global Recognition

Prime Minister Modi congratulated the people of Gujarat for the recent inclusion of the state's traditional dance, Garba, in UNESCO's Intangible Cultural Heritage. He hailed Gujarat's success as a reflection of the nation's triumphs, underscoring the state's significant role in contributing to Bharat's prosperity.

Bharat's Economic Success Story

Highlighting Bharat's economic prowess, the Prime Minister stated that the country had achieved a remarkable growth rate of 7.7 percent in the first six months of the fiscal year. Quoting international organizations, he noted the IMF's prediction that Bharat would contribute 16 percent to global growth in 2023. The World Bank and other entities have also expressed optimism about Bharat's economic trajectory, praising its leadership role and improved investment environment.

The IMF had stated in September this year that 16 percent of global growth in 2023 will be contributed by Bharat. Earlier in July 2023, the World Bank expressed greater hopes for Bharat and its economy amid global challenges. In March this year, the Prime Minister of Australia remarked that Bharat is in a strong position to provide leadership to the global south, noted the PM.

Global Integration through Reforms

Prime Minister Modi shed light on Bharat's ongoing economic reforms, emphasizing the nation's commitment to global integration. The Flexible Foreign Direct Investment (FDI) policy, reduced compliance burdens, and the signing of three Free Trade Agreements (FTAs) were among the key measures mentioned. He lauded the establishment of the GIFT International Financial Services Centres Authority (IFSCA) as a crucial milestone, facilitating global integration of Indian financial markets.

What is GIFT City? 

Gujarat International Finance Tec-City is a central business district under construction in Gandhinagar district in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project.

The Prime Minister provided an update on the progress of GIFT City, acknowledging the success of initiatives launched based on the first edition of Infinity Forum. He highlighted IFSCA's achievements, including the registration of 80 fund management institutions with funds exceeding USD 24 billion and the commencement of operations by 26 units in collaboration with IFSCA.

GIFT IFSCA: Beyond Traditional Finance

Prime Minister Modi envisioned an expanded role for GIFT IFSCA, transcending traditional finance and venturing into new-age financial and technology services. He urged stakeholders to actively contribute to GIFT City's transformation into a global hub for sustainable finance, particularly addressing the challenges of climate change.

Recognizing Bharat's position as one of the world's fastest-growing fintech markets, the Prime Minister highlighted IFSCA's progressive regulatory framework for fintech. He encouraged stakeholders to leverage the opportunities presented by GIFT City, positioning it as an emerging center for fintech and a global laboratory for innovation and entrepreneurship.

GIFT City's Tri-City Concept and Global Connectivity

Prime Minister Modi praised the unique 'tri-city' concept of GIFT City, emphasizing its exceptional connectivity between Ahmedabad and Gandhinagar. He highlighted the cutting-edge digital infrastructure of GIFT IFSC, which has attracted prominent minds in the financial and technology sectors globally. With 580 operational entities, including exchanges, banks, insurance entities, and professional services providers, GIFT City is on track to become one of the world's premier international financial centers.

Investment Opportunities and Vibrant Gujarat Global Investor Summit

Closing his address, Prime Minister Modi invited investors to explore the diverse opportunities in Bharat, emphasizing GIFT City's role in facilitating growth. He extended an invitation to the Vibrant Gujarat Global Investor Summit and expressed optimism about Bharat becoming the world's third-largest economy in the next few years.

As the Infinity Forum sets the stage for innovative ideas and collaborations, Prime Minister Modi's address showcased a bold vision for GIFT City and its pivotal role in Bharat's journey towards economic prosperity and global leadership.

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