According to CNBC, global asset managers are stepping up activity in India's GIFT City as stronger domestic demand for overseas investing, looser foreign-currency rules and tax incentives draw firms to the financial center. Standard Chartered said it will launch its Signature CIO funds from GIFT City in the coming weeks, while BlackRock's joint venture with Mukesh Ambani's Jio Financial Services has regulatory approval to launch funds there and is preparing two outbound funds before the end of September. Government data showed fund management entities in the city rose to 217 in May from 194 in November last year. Experts said GIFT City still has a long way to go before it can rival centers such as Singapore and Dubai, though some see it becoming a key global financial center by 2030.