Fund Managers With $24 Billion Corpus Registered With IFSCA: PM Modi
Started in 2007, Gujarat International Finance Tec-City is India's newest financial hub and a flagship project of PM Modi's.
Eighty fund management entities, which have set up funds worth more than $24 billion, are registered with IFSCA today, said Prime Minister Narendra Modi, highlighting the scale of operations by the GIFT City situated in Gujarat's Gandhinagar.
“GIFT City is envisioned as a dynamic ecosystem that will redefine the landscape of international finance," he said, while addressing the second edition of Infinity Forum, organised by the International Financial Services Centres Authority, and GIFT City on Saturday.
Two leading international universities have received approval to start their courses in GIFT IFSC in 2024, he said. IFSCA also issued aircraft leasing framework released in May 2022, where 26 units have started operations.
Started in 2007 as a completely greenfield experiment, Gujarat International Finance Tec-City is India's newest financial hub and a flagship project of PM Modi's.
“We want to make GIFT City the Global Nerve Center of New Age Global Financial and Technology Services," the prime minister said on expanding the scope of IFSCA. "The products and services provided by GIFT City will help solve the challenges facing the world and the stakeholders will have a huge role to play."
India will need at least 10 trillion dollars, where a certain amount of this investment will also have to be financed through global sources, to achieve the net zero target by 2070, he said. "We want to make IFSCA a global platform for sustainable finance."
