India is also trying to compete against international financial and wealth centres such as Singapore and Dubai. As an example, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is starting operations at the new GIFT City financial hub. HSBC, which is planing to offer dollar-denominated products to non-residents from this location, is also planning to offer dollar-denominated products to non-residents from GIFT City – Gujarat International Finance Tec-City, to give its full name.

Also, read this story from early June outlining wealth management reactions to the Indian national election results this year.