9/12/2023–|Last updated: 12/9/202308:37 PM (Mecca time)
Indian Prime Minister Narendra Modi said on Saturday that his country is seeking to make the Gift City Financial Center in the western state of Gujarat a center for sustainable global finance to help finance the $10 trillion investments needed to achieve the goal of zero emissions by 2070.
Modi said that the establishment of “GIFT Center for Global Financial Services is an effective channel to make India a low-carbon economy and obtain the required green capital flow. And issuing financial instruments such as green bonds, sustainable bonds and sustainability-linked bonds, which will help the world achieve its goals of reducing carbon emissions.”
He added that India wants to expand the role of Gift City to make it a center for financial and technical services belonging to a new era.
GIFT Global Financial Services is a financial center that aims to compete with centers such as Singapore because it provides financial incentives and a more accommodating regulatory environment.
Gift City is an experiment in free markets within India’s $3 trillion economy. The aim of this center is to create a place that welcomes everyone and allows India-centric trade to come in.
Modi’s government has offered a range of incentives, including a 100% tax holiday for 10 years for companies that set up branches within Gift City’s international financial services centre. Rules have also been amended to encourage Indian companies to charter ships and aircraft through dealing with… Gift City” instead of foreign centers.
In Gift City, foreign universities will be allowed to derogate from regulations in order to open local university branches there, and companies can also use the city’s international arbitration center to avoid contract enforcement mechanisms.
