Can GIFT City overcome the barrier of unpredictable policymaking?

The Gujarat government's international financial services centre has the opportunity to become a global hub, but only if regulation and procedures are streamlined quickly

Brexit, China’s crackdown and Singapore’s saturation have weakened the outlook for the great global financial hubs of London, Hong Kong and Singapore. Can India’s first international financial services centre (IFSC) at Gujarat In­ter­na­tional Finance Tec- (GIFT) City fill the breach?

Recent history points to multiple challenges but tho­se responsible for managing it suggest it is on the cusp of faster growth. “The current geopolitical challenges cou­ld well work in favour of the GIFT City in attracting more foreign financial institutions,” says Kaku Nakhate, president and India country head, Bank of America, the first foreign bank to set up a centre