This story was originally published March 28, 2018.

(CNN Business) India is building a new city to give global investors an easy way into its booming economy.

Gradually mushrooming on an otherwise barren 886-acre parcel of land in Gujarat -- Prime Minister Narendra Modi's home state -- is a small collection of buildings that India hopes will one day rival financial centers like Singapore, Dubai and Hong Kong.

It's called Gujarat International Finance-Tec City, or GIFT City.

"Except for the fact that we are not sitting in Singapore and GIFT City is not Singapore, I think from a business perspective we have everything that is required," Ajay Pandey, the city's CEO, told CNN.

Two stock exchanges were established in the city last year, and government exemptions recently made trading virtually tax-free. The city will also have its own financial regulator, part of an effort to reduce red tape and bureaucracy faced by foreign investors.

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