India’s first International Financial Services Centre (IFSC) in Gandhinagar seems to be moving up — at least on paper — after delays in land acquisition, infrastructure development snags and political crosswinds.

       Touted as India’s offshore alternative to Singapore, Hong Kong and London, the IFSC is located in an under-development ‘smart’ township called Gujarat International Financial Tec-city (GIFT), which is about a tenth of the size of Vatican City, the world’s smallest state. It is a tax mecca and offers money incentives Indian businesses outside ...