Relief for GIFT City as Modi's election win allays relocation fears

A fourth of India-focused Singapore and Mauritius funds may potentially migrate to IFSC over time

The National Democratic Alliance’s (NDA) win in the Lok Sabha elections has come as a relief for market participants planning to kickstart operations
 
at the International Financial Services Centre (IFSC), set up at the Gujarat International Finance Tec-City (GIFT City).
 
Industry observers were earlier of the opinion that a new party at the Centre could potentially impede the progress at IFSC. Some also believed that the IFSC could be shifted to Mumbai, in place of Gujarat.
 
In December 2015, the Maharashtra government had set up a task force under Union Minister of State for Finance, Jayant Sinha,