Prime Minister Narendra Modi virtually addressed the 2nd Infinity Forum in Gandhinagar, Gujarat, emphasizing the potential of GIFT City to become a global leader in advanced credit services. The forum, themed "GIFT-IFSC: Pivotal Center for Advanced Global Credit Services," served as a precursor to the Vibrant Gujarat Global Summit 2024.
In his address, PM Modi acknowledged the ongoing global economic uncertainty but highlighted India's resilience and progress. He cited the country's 7.7% growth rate in the first half of the current financial year and its contribution of 16% to global growth as evidence of India's economic strength. He also highlighted the positive assessments of India's economy by the International Monetary Fund, World Bank, and World Economic Forum.
PM Modi attributed India's success to its long-term development strategy, focus on economic potential, and transformative reforms implemented in the past decade. He emphasized the government's efforts to attract Foreign Direct Investment (FDI) and mentioned the recent signing of three Free Trade Agreements.
The Prime Minister envisioned GIFT City as a dynamic hub redefining the landscape of international finance. He lauded the establishment of the International Financial Services Centers Authority (IFSCA) in 2020 and its role in creating a unified regulatory environment. He commended IFSCA's issuance of 27 regulations and 10 framework actions to facilitate new investment opportunities.
PM Modi highlighted the progress made since the 1st Infinity Forum, citing the implementation of suggestions and the framework for fund management notified by IFSCA in April 2022. He expressed confidence that GIFT City, with its growing number of companies, exchanges, banks, insurance companies, universities, and professional service providers, will become a leading international credit center in the future.
Key Takeaways:
- PM Modi emphasizes India's strong economic position and its contribution to global growth.
- GIFT City is envisioned as a global hub for advanced credit services.
- IFSCA's role in regulating and facilitating financial activities in GIFT City is highlighted.
- GIFT City has the potential to become a leading international credit center.
