Why Are Fund Managers Moving to GIFT IFSC?

I’ve been seeing a spike in fund managers shifting parts of their business to GIFT City, IFSC — especially FMEs, fintech firms, and global investment desks.
Main reasons people are talking about:

• lower tax regime,
• global currency operations,
• easier setup for funds,
• and smoother regulatory environment under IFSCA.

Is this actually as beneficial as it sounds, or just hype?
Anyone here operating from GIFT IFSC — what’s your real experience so far?