Market participants backed the move, warning that India will continue losing trading volumes to overseas markets without a proper domestic framework. “GIFT City is a perfect platform for such kinds of global trading activities because global minimum tax is not applicable if you have all these concessions. There is a lot of appetite among Indian companies and global companies to come and set up here,” said Jaiman Patel, partner, financial services, tax and regulatory at EY, calling it a fantastic opportunity.
