INDIA'S BIG FINTECH BET

GIFT City in Gujarat, one of PM Modi's dream projects, is eliciting interest from industry giants. But can it emerge as an alternative to global financial hubs?

- Jumana Shah

On the stage is a huge bell, decorated with orchids and marigolds. Seated next to it are men in sharp suits, delivering equally sharp speeches. As soon as the clock strikes 15:40, they all rise and ring the ceremonial bell, closing the first session of the SGX-Nifty, now rechristened GIFT Nifty. Based on the National Stock Exchange (NSE)’s Nifty index, it is a cross-border initiative connecting the capital markets of India and Singapore. In the packed banquet hall of the GIFT City Club, financial experts, consultants and traders, most of whom have flown in from Mumbai and Singapore, listen to speeches and presentations that elaborate how the Gujarat International Finance Tec (GIFT) City—located in the state’s Gandhinagar district—is bringing home opportunities for India as an offshore financial centre (OFC).

Step outside the swanky club, and you find yourself staring at the future. Shiny, tarred roads are lined with towering buildings, and equally tall construction cranes on projects that are workin-progress. Approaching the venue from the airport, one passes several under-construction flyovers and elevated metro rails, until the cluster of 14 modish buildings emerges as an oasis in the middle of a deserted landscape. KPMG, one of the ‘Big Four’ consulting firms that 30-something Deven Jain (name changed) works with, has leased an office in one of these buildings.