JPMorgan Enters GIFT City, Boosting PM Modi's Financial Hub Vision

• JPMorgan Chase & Co. is opening a branch in GIFT City, making it the latest global bank to utilize India's low-tax financial hub.
• JPMorgan Securities Plc received an IFSCA license to establish a banking unit for trading equities, derivatives, and other financial instruments.
• This new branch will enable JPMorgan to trade financial instruments for clients outside India, expanding its existing operations in GIFT City.
• GIFT City, a key project for PM Narendra Modi, is attracting numerous global banks like HSBC, Standard Chartered, and Mitsubishi UFJ, along with over 190 fund management entities.
• India aims to transform GIFT City into an international trading and lending hub, offering incentives like a 10-year 100% tax exemption, though it still struggles as a residential area.

Why It Matters: JPMorgan's entry into GIFT City signifies its growing appeal as a global financial hub, driven by tax incentives.