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BUSINESS EYE JANUARY 19, 2024 | The Indian Eye 30

Global investors eye

Gujarat’s GIFT City to take

first movers’ advantage

The city should also aim to build diverse fintech laboratories to achieve the target of India’s

economy becoming USD 30 trillion by 2047: Union Finance Minister

OUR BUREAU Banking Unit in GIFT IFSC. Deakin
University inaugurated its campus in
Gandhinagar (Gujarat)
GIFT City, which is India’s first cam-
n Wednesday, Prime Minister pus of a foreign-based university.
Narendra Modi inaugurated Chancellor and Vice Chancellor
Othe 10th edition of Vibrant of Deakin University, Iain Martin in-
Gujarat Global Summit 2024 at Ma- augurated the campus. Prime Minis-
hatma Mandir, Gandhinagar. The ter Narendra also held a one-on-one
theme of this year’s summit is ‘Gate- meeting with Deakin University VC.
way to the Future’ and includes the Stonex Group intends to set up
participation of 34 partner countries a bullion trading desk in GIFT City
and 16 partner organizations. IFSC. As part of the Vibrant Gujarat
This year, GIFT City, which has Global Summit 2024, Prime Minister
expanded into a major international Narendra Modi participated in the
financial hub in India, has attracted a Global Fintech Leadership Forum
host of global investors. Many of them held at GIFT City on Wednesday, the
have made a beeline to mark their first day of the summit.
presence and to take the first movers’ The forum saw the participation
advantage. of the chairman and CEOs of 26
GIFT City is billed as a world- prominent fintech companies world-
class business district envisaged and wide, including Mukesh Ambani,
built to cater to global and domestic Sanjay Mehrotra, and Lakshmi Mittal.
business enterprises. It aims to set an The Prime Minister received recom-
international benchmark for finance mendations from leaders of fintech
and technology hubs worldwide. companies to elevate GIFT City to an
During the ongoing Vibrant Gu- international standard and position
jarat Global Summit, the Abu Dhabi India as a leading fintech country. PM
Investment Authority decided to set Modi attentively listened to all the in-
up a one-of-a-kind sovereign fund in dustrialists for nearly three hours.
GIFT City. Addressing the gathering, Prime
The GIFT City is ideally poised Prime Minister Narendra Modi attends the Global FinTech Leadership Forum at GIFT City in Minister Narendra Modi highlighted
to be the gateway for the financial and the significance of bringing together
investment hub and has an important Gandhinagar on Wednesday (ANI) top industrialists in finance and tech-
role to play in fulfilling the vision for nology to explore innovative solutions
India to become a developed nation when he was the Chief Minister of a manufacturing hub for shipping and for the digital economy.
by 2047, said Union Finance Minister Gujarat and it has now expanded into eight ship leasing entities are working The Prime Minister said that it is
Nirmala Sitharaman. becoming a major international finan- in IFSC that would enable access to interesting to see how fintech will have
Addressing a seminar ‘GIFT City- cial hub. global finance. Retail participation a transformative impact on the world,
An Aspiration of Modern India’, or- Listing out the growing presence in stock markets in India is another and extended an invitation to indus-
ganized as part of the 10th Vibrant of operations at International Finan- distinct feature of the financial sector trialists to invest in GIFT City, align-
Gujarat Global Summit 2024, in cial Services Centers (IFSC), Sitha- reforms initiated by the government, ing with the vision of making India a
Gandhinagar on Thursday said GIFT raman said there are now three ex- Sitharaman added. global leader in the financial sector.
City should look at being a platform changes, including the International APEX Group, one of the leading Hasmukh Adhia, Chief Advi-
for green credits. It should also aim to Bullion Exchange, 25 banks, including fund administrators, decided to set sor to the Chief Minister of Gujarat,
build diverse fintech laboratories to 9 foreign banks, 26 aircraft lesser, 80 up their office in GIFT City as a fund Bhupendra Patel and Chairman of
achieve the target of India’s economy fund managers, 50 professional ser- administrator and fund accounting GIFT City, provided insights into the
becoming USD 30 trillion by 2047, the vice providers and 40 fintech entities service provider. APEX Group would purpose behind organizing the Glob-
Union Finance Minister added. in the GIFT City. employ around 1,000 people over 3 al FinTech Leadership Forum. The
PM Modi conceptualized the The Union Finance Minister fur- years. Mizuho Bank becomes the sec- forum was moderated by renowned
idea of GIFT City way back in 2007 ther said India should aim to become ond Japanese Bank to set up IFSC businessman Uday Kotak.

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