India takes on Asia's foreign exchange hubs for rupee trade with GIFT City

India's policymakers have been increasingly concerned about the growing heft of the rupee trades in venues overseas, and GIFT City as the hub is known, seeks to fill that gap

India’s only international financial hub is seeking to seize a major part of the offshore rupee trading business within two years, a target that is both ambitious as well as crucial for its plan to be an alternative global financial gateway.

Prime Minister Narendra Modi wants to pitch India as a new Asian destination for global fund flows rivaling the likes of Singapore and Hong Kong. The move comes amid Bejing’s muscle-flexing in Hong Kong through a new national security law that threatens to undermine the city’s role as a regional financial center.

“One of the key elements that work in our