When he was chief minister of the Indian state of Gujarat in 2011, Indian Prime ...
GANDHINAGAR, India - When he was chief minister of the Indian state of Gujarat in 2011, Indian Prime Minister Narendra Modi kicked off an ambitious project to develop a financial hub in the style of Singapore or Dubai.
Despite efforts by the Modi government over the past five years to offer tax and regulatory concessions, and a big push to get banks and brokerages into GIFT, the project remains far short of expectations. GIFT’s future is uncertain, with its main partner in financial trouble over soured bets in other projects.
He said GIFT was impracticable, ignoring issues such as location and skills availability. Some bankers also complained that the Gujarat state’s decades-long alcohol prohibition policy hasn’t helped either.A spokesman for GIFT said that the project’s timeline had been roiled by subdued demand after the global financial crisis and the lack of a clear regulatory framework until 2014, when Modi took power.
Lease terms required that Gujarat get 50 percent of the profit from the sale of development rights in the first phase, and 80 percent thereafter. Reuters could not determine how much has been spent on development so far. India’s government took over the company in October, in a rare move that it said was needed to protect the country’s financial system and markets from potential collapse.
The GIFT spokesman said that Pandey stepped down as part of a larger exodus of top IL&FS officials, and that IL&FS’s troubles would not stall the project. The GIFT spokesman said the club has hundreds of members, and the city boasts a cost-effective central cooling system and an underground automated waste disposal system, among other amenities.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Why Cleaning Up The Air Isn't An Election Issue In IndiaAir pollution was noticeably absent among the many concerns raised during the Indian election season. A new political discourse around the issue is needed to ignite voters and pressure public officials to act on air pollution, which robs the average resident of India of 4.3 years of life.
Weiterlesen »
Exclusive: India watchdog probes allegations of anti-competitive conduct by Maruti - sourcesEXCLUSIVE: India's antitrust regulator is looking into allegations that Maruti Suzuki, the country's biggest car maker, resorted to anti-competitive practices by controlling how its dealers discounted cars by AditiShahsays AdityaKalra
Weiterlesen »
Amazon will now let users book flights in IndiaAmazon is adding flight bookings to its growing list of services in India, one of its biggest global markets.
Weiterlesen »
The 'Warren Buffett of India' says his country's economy will 'come back with a bang'Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout of important reforms over the last five years.
Weiterlesen »
Kashmir group seeks UN probe into torture by India troopsInternational rights groups accuse Indian troops of using systematic abuse and unjustified arrests to intimidate residents opposing India's rule in disputed Kashmir. New Delhi denies its forces strategically use abuses to control the population.
Weiterlesen »
Modi’s jobs deficit: J&J’s largest India plant idle three years after completionIt was supposed to be Johnson & Johnson's biggest manufacturing plant in In...
Weiterlesen »
Exit polls in India indicate victory for Narendra Modi and the BJPOfficial results are to be released Thursday, but the polls suggest Modi will return to power.
Weiterlesen »
India stocks to climb a bit more if Modi wins decisively: Reuters pollIndian shares will reach a new record high by end-year, a Reuters poll of strate...
Weiterlesen »
India Antitrust Watchdog Sniffs Around E-Commerce PlayersIndia’s antitrust watchdog is assessing the domestic e-commerce sector, a step that could have consequences for Amazon and Walmart-controlled Flipkart, which dominate the country’s online sales.
Weiterlesen »
India antitrust probe finds Monsanto abused dominant position: sourcesA probe by the investigations unit of India's antitrust body has found that...
Weiterlesen »