In a virtual address, Prime Minister Narendra Modi participated in the second edition of Infinity Forum, a global thought leadership platform on FinTech. The event, jointly organized by the International Financial Services Centres Authority (IFSCA) and GIFT City, unfolds against the backdrop of the uncertain global economic scenario, emphasizing India’s resilience and progress.
Key Highlights:
- Global Economic Challenges: The Prime Minister acknowledged the challenges posed by geopolitical tensions, high inflation, and rising debt levels globally. Despite these concerns, he highlighted India’s emergence as a symbol of resilience and progress.
- India’s Growth Story: Prime Minister Modi underscored India’s growth rate of 7.7 percent in the first six months of the fiscal year, contributing to the global growth rate of 16 percent in 2023. He credited India’s focus on policy, good governance, and citizen welfare for its economic success.
- GIFT City’s Significance: The event’s venue, GIFT City, was lauded as a dynamic ecosystem and a symbol of Gujarat’s pride. The Prime Minister congratulated the people of Gujarat for UNESCO’s inclusion of ‘Garba’ as an intangible cultural heritage.
- Financial Achievements: Prime Minister Modi highlighted India’s contribution to global growth, reduction of red tapeism, and the nation’s readiness to lead the Global South. He credited India’s economic strength to transformative reforms over the past decade.
- GIFT City’s Role: Emphasizing GIFT City’s role in global finance, the Prime Minister listed achievements such as flexible FDI policies, reduced compliance burden, and the signing of three FTAs. GIFT IFSCA was positioned as a hub for innovation, efficiency, and global collaboration.
- Sustainable Finance: Recognizing climate change challenges, the Prime Minister emphasized the need for sustainable finance. GIFT IFSC was urged to become a global hub for Sustainable Finance, fostering the transition to greener and more resilient economies.
- FinTech Hub: Prime Minister Modi commended India’s rapid growth in the FinTech sector, aligning with GIFT IFSC’s vision. He highlighted IFSCA’s Progressive Regulatory Framework for FinTech and the Fintech Incentive Scheme.
- GIFT-IFSC’s Global Significance: GIFT-IFSC was positioned as a prominent gateway to global capital flow, with the concept of ‘tri-city’ providing exceptional connectivity. The Prime Minister expressed confidence in GIFT City becoming one of the world’s best International Financial Centers.
- India’s Growth Trajectory: Concluding the address, Prime Minister Modi envisioned India becoming the world’s third-largest economy in the next few years. GIFT City’s efficient regulations, plug-and-play infrastructure, and talent advantage were highlighted as contributors to this trajectory.
Global Challenges and India’s Resilience:
Reflecting on the uncertainties created by the global economic situation, Prime Minister Modi acknowledged India’s emergence as a symbol of resilience and progress. Despite ongoing challenges like geopolitical tensions, high inflation, and rising debt levels, he commended India’s ability to host events like the Infinity Forum in GIFT City, taking Gujarat’s pride to new heights.
India’s Growth Story:
Prime Minister Modi reiterated that India’s growth story is rooted in the government’s commitment to policy, good governance, and citizen welfare. With a growth rate of 7.7 percent in the first six months of the fiscal year, India’s contribution to the global growth rate of 16 percent in 2023, as mentioned by the IMF, showcased the country’s economic strength.
Highlighting GIFT-IFSC as a dynamic ecosystem, Prime Minister Modi stressed that it would redefine the landscape of international finance. He noted the establishment of the International Financial Services Centers Authority (IFSCA) in 2020, which has created regulations and frameworks, opening new avenues of investment during economic turmoil.
Sustainable Finance and Climate Change:
Addressing the monumental challenge of climate change, the Prime Minister emphasized the need for sustainable finance to ensure global growth and stability. India’s commitment during the COP28 Summit and the requirement of at least $10 trillion for achieving the net zero target by 2070 were discussed. GIFT-IFSC was highlighted as an efficient channel for green capital flow, fostering a low-carbon economy.
Recognizing India as one of the fastest-growing fintech markets globally, Prime Minister Modi noted the alignment of India’s fintech strength with GIFT-IFSC’s vision. The achievements of IFSCA in releasing a Progressive Regulatory Framework for Fintech in 2022 and the Fintech Incentive Scheme were highlighted, positioning GIFT City as a potential gateway to the global fintech world.
GIFT City Achievements:
Prime Minister Modi outlined the achievements of GIFT City, housing 58 operational entities, 3 exchanges, 25 banks, 29 insurance entities, and attracting global financial and technology minds. He expressed confidence that GIFT City would be one of the best International Financial Centers globally in the coming years.
