India wants to make its financial hub in 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.
Virtually inaugurating the third edition of the Global Maritime India Summit in Mumbai, PM Modi said the corridor would reduce business costs, increase logistical efficiency and create many jobs.
The Gujarat International Finance Tec-City Company Ltd (GIFTCL) plans to develop a social infrastructure, including an entertainment, recreational, and retail zone, in GIFT City. The development will cover a minimum of 1.5 million sq ft and will include attractions such as a large ferris wheel and fountain show. The company has invited bids for the project, with interested parties expected to have a minimum net worth of Rs 10,000 crores ($1.2 billion) and a track record of delivering real estate projects.
The SGX Nifty, soon to be renamed Gift Nifty, will be available for trading 22 hours a day with all US dollar-denominated Nifty derivatives contracts exclusively traded on NSE IFSC-backed Gift Nifty from July 3rd. Trading hours will be from 4 am IST to 2 am IST the following morning.