GANDHINAGAR: To become a net zero nation by 2070, India requires a capital of $10 trillion, said Prime Minister Narendra Modi in his virtual address at the second edition of Infinity Forum 2023 held at GIFT City in Gandhinagar on Saturday.
Underlining the urgent need to make sustainable finance available to developed and developing countries, the PM emphasized that only sustainable finance will promote the transition towards greener, resilient, and inclusive economies.
“We must make adequate and cost-effective finance available to achieve India’s and global climate change targets. During our G20 presidency, we adequately emphasized the need for sustainable finance. This will promote the transition towards greener, resilient, and inclusive economies. According to certain estimates, India will need at least $10 trillion to achieve its net-zero targets by 2070. This will need to be financed through global sources. Therefore, we must make IFSCA a global hub for sustainable finance,” the PM added. According to PM Modi, the products and services of GIFT City will help solve global challenges.
“GIFT IFSC is an efficient channel for Green Capital Flow needed to make India a low carbon economy. The development of financial products like green bonds, sustainable bonds, and sustainability-linked bonds will make things easier for the world,” he said. “During CO, India announced a pro-planet initiative – the global green credit initiative. Stakeholders must share their ideas to develop a market mechanism for green credit,” Modi further added.
The PM emphasized that climate change is the world’s biggest challenge today. India made new commitments to the world at a COP summit recently, PM Modi added.
The PM also emphasized how India grew amidst escalated geopolitical tensions. “You are aware of the difficulties, including high inflation and debt levels, that arose due to geopolitical tensions. Amidst such times, India has emerged as a shining example of resilience and progress. At this time, brainstorming for important GIFT City policies will increase Gujarat’s glory,” Modi explained.
The PM also reiterated that India’s growth story is based on the government’s top priority to policy, good governance, and the welfare of the citizens. “India’s growth rate during the first six months of the fiscal year has been 7.7%. As mentioned by the IMF in September 2023, the PM highlighted India’s contribution to the global growth rate of 16% in the current year,” he said.
Speaking about expanding the scope of IFSCA, the PM reiterated the government’s efforts to take GIFT IFSCA beyond traditional finance and ventures. “We want to make GIFT City the global nerve centre of new age global financial and technology services,” Modi said.
