"GIFT IFSC is an efficient channel to make India a low-carbon economy and get the required green capital flow. Issuance of financial instruments such as green bonds, sustainable bonds, sustainability-linked bonds will help the world," Modi said in a speech.

He said India wants to expand the role of GIFT City to make it a new age financial services and technology nerve centre.

GIFT-IFSC is a tax-neutral financial centre that aims to compete with hubs like Singapore as it provides fiscal incentives and a looser regulatory environment.

(Reporting by Jayshree P Upadhyay in Ahmedabad; Writing by Nidhi Verma; Editing by William Mallard)

By Jayshree P Upadhyay