PM Modi Hails India’s 7.7% GDP Growth, Envisions GIFT City as Global Financial Hub

Prime Minister Narendra Modi emphasized India’s economic prowess, citing a robust GDP growth of 7.7% in the first half of the fiscal year. Speaking at the ‘Infinity Forum 2.0’ conference via video link, Modi attributed this success to a decade of transformative reforms.

Expressing his vision for the Gujarat International Finance Tec (GIFT) City, Modi aspired to establish it as a global nerve center for advanced financial and technology services. He highlighted India’s significant role in the rapidly growing fintech market, with GIFT International Financial Services Centre (IFSC) emerging as a key player.

Modi urged experts to contribute ideas for developing a market mechanism for green credits, showcasing India’s commitment to sustainable finance. Commending Gujarat’s cultural heritage, he celebrated the inclusion of the traditional Garba dance in UNESCO’s ‘Representative List of the Intangible Cultural Heritage of Humanity.’

Here are the top 10 highlights:

1. India’s GDP growth of 7.7% in the first six months reflects a robust and strengthening economy, according to PM Modi.
2. Modi credited the GDP surge to transformative reforms undertaken over the past decade, garnering global hope and attention.
3. The vision for GIFT City involves positioning it as a global hub for cutting-edge financial and technological services.
4. GIFT International Financial Services Centre (IFSC) is recognized as a pivotal hub in India’s rapid growth within the global fintech market.
5. Experts are encouraged to contribute ideas for establishing a market mechanism for green credits, aligning with India’s commitment to sustainable finance.
6. GIFT IFSC aims to significantly contribute to India’s sustainable finance goals, playing a leading role in global finance and facilitating green capital flow.
7. Modi highlighted the potential of GIFT IFSC in fostering a low-carbon economy, promoting green bonds, sustainable bonds, and sustainability-linked bonds.
8. Plans are underway to elevate GIFT City’s status, expanding its functions and influence as a modern hub for financial services and technology.
9. GIFT-IFSC, as a tax-neutral financial center, competes globally by offering fiscal incentives and a growth-friendly regulatory environment.
10. Modi applauded Gujarat’s cultural richness, celebrating the recognition of the traditional Garba dance on UNESCO’s prestigious list of intangible cultural heritage.