Indian Prime Minister Narendra Modi attends an Innovation conference with Israeli and Indian CEOs in Tel Aviv, Israel, July 6, 2017. REUTERS/Oded Balilty/File Photo
India wants to make its financial hub in the western state of Gujarat a centre for global sustainable finance to help fund the $10 trillion investment needed to achieve its 2070 net zero emissions goal, Prime Minister Narendra Modi said on Saturday.
“GIFT IFSC is an efficient channel to make India a low-carbon economy and get the required green capital flow. Issuance of financial instruments such as green bonds, sustainable bonds, sustainability-linked bonds will help the world,” Modi said in a speech.
He said India wants to expand the role of GIFT City to make it a new age financial services and technology nerve centre.
GIFT-IFSC is a tax-neutral financial centre that aims to compete with hubs like Singapore as it provides fiscal incentives and a looser regulatory environment.
Reporting by Jayshree P Upadhyay in Ahmedabad; Writing by Nidhi Verma; Editing by William Mallard
