Prof. Jayanth R. Varma's Financial Markets Blog

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Prof. Jayanth R. Varma's Financial Markets Blog, A Blog on Financial Markets and Their Regulation

© Prof. Jayanth R. Varma
jrvarma@iima.ac.in

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Wed, 14 Aug 2019

Can India seize the Hong Kong opportunity?

As Hong Kong moves ever closer to a military denouement, India needs to think hard about the opportunity it could provide to its own fledgling offshore financial centre. Over the last several years, India has built the foundations for an offshore financial centre at GIFT City in Gandhinagar, Gujarat. A lot of physical infrastructure has been created, exemptions have been made from the normal exchange control regime, tax concessions have been provided, and some small beginnings have been made in offering offshore financial services. But the turmoil in Hong Kong presents opportunities of a vastly different order.

Is India willing to take the key steps that would make it an attractive option to businesses and individuals that may wish to relocate out of Hong Kong now or in the immediate future?

Posted at 16:56 on Wed, 14 Aug 2019     1 comments     permanent link

Comments...

Anon wrote on Thu, 22 Aug 2019 20:38

Re: Can India seize the Hong Kong opportunity?

Nice observation and good ambitious thinking. From a less academic standpoint - strong financial centres tend to have liberal social freedoms - alcohol, non-veg food options, and the ability to have a good party. Quality of life is important to Westerners and HK residents, hence the likes of Dubai turning a blind eye on social matters - something Gujarat would have to be willing to consider.