IFSC needs to ready platform where green credits can be traded: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on January 11 said India has a $10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded.

Finance Minister Nirmala Sitharaman on January 11 said India has a $10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded.

Speaking at a session 'An aspiration of modern India' at the GIFT City, the Finance Minister said companies in India will be able to access global funds soon with direct listing on IFSC exchanges.

"The much awaited direct listing of stock in Gift IFSC was announced earlier. We are going through the process in a systematic manner and I'm confident that it will happen at the earliest. With that Indian companies should be able to access global funds easily being listed in India," she said.

Last year, the government had decided to allow listed and unlisted companies to directly list themselves on the IFSC (International Financial Services Centre) exchanges at GIFT City.

Currently, Indian companies can access foreign equity markets only through issuing depository receipts or by listing their debt securities on foreign markets. The Finance Minister suggested that there should be a platform located at the IFSC where green credits can be traded.

The Minister further said India has a funding gap of $10.1 trillion to meet its net zero commitment which has to be fulfilled by 2070 and GIFT City could help in bridging that gap.