India is building a new city to give global investors an easy way into its booming economy. It's called Gujarat International Finance-Tec City, or GIFT City. The city will also have its own financial regulator, part of an effort to reduce red tape and bureaucracy faced by foreign investors. Luring foreign investors is one stated goal, but the city may also encourage Indians to invest at home. GIFT City has already attracted close to $2 billion in real estate investment, and Pandey expects that number could eventually rise to nearly $11 billion.

Source: CNN March 28, 2018 16:41 UTC