Prime Minister Narendra Modi has expressed Bharat’s ambition to establish Gujarat as a global sustainable finance hub, particularly focusing on funding the $10 trillion investment required to achieve the country’s net-zero emissions goal by 2070. The Prime Minister emphasized the importance of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC) as an efficient channel for making Bharat a low-carbon economy and attracting green capital flows. The issuance of financial instruments such as green bonds, sustainable bonds, and sustainability-linked bonds is seen as a crucial step to facilitate this global effort.
PM Modi highlighted the GIFT-IFSC’s role in serving as a platform for channelling funds towards sustainable initiatives. By leveraging instruments like green bonds, Bharat aims to contribute to global sustainability goals. Green bonds are financial tools specifically designed to fund environmentally friendly projects, aligning with the country’s commitment to becoming a more eco-friendly economy. The Prime Minister sees this initiative as a means to attract green capital and support the global transition towards sustainable practices.
In expanding the role of GIFT City, PM Modi envisions transforming it into a cutting-edge financial services and technology nerve centre. GIFT-IFSC, being a tax-neutral financial center, aims to compete with established hubs like Singapore by offering fiscal incentives and a more flexible regulatory environment. This strategy is expected to enhance the city’s attractiveness to global investors and businesses, positioning it as a key player in the evolving landscape of sustainable finance and technology-driven financial services.
Overall, the Prime Minister’s vision for GIFT City reflects Bharat’s commitment to playing a significant role in global sustainable finance. By leveraging the potential of GIFT-IFSC and embracing financial instruments aligned with sustainability goals, Bharat aims to contribute to the global movement towards a greener and more environmentally conscious future.
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