The GIFT City project began in 2011 outside Ahmedabad under Modi's leadership, aiming to be a financial center rivaling Mumbai. Although 400 entities, mostly banks, operate there, employing 20,000, it struggles to become a vibrant financial hub. Modi aims to revitalise it as a modern financial and technology center. New rules, expected in April, will allow Indian firms not listed on Indian exchanges to directly list their equity at GIFT City, according to K Rajaraman, IFSCA chairperson.
