Prime Minister Narendra Modi launched the ‘India International Bullion Exchange (IIBX)’, the country’s first international bullion exchange, near Gandhinagar, on Friday.
On Friday, he visited India’s first International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City).
This exchange will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
The prime minister also laid the foundation stone for the headquarters building of the International Financial Services Centres Authority.
Apart from that, Modi launcedh NSE IFSC-SGX Connect platform. Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.
The Connect platform will deepen liquidity in derivative markets at GIFT-IFSC.
“India is now standing in line with countries like USA, UK and Singapore from where global finance is given direction. Today India is one of the largest economies in the world. Today a record foreign investment is coming to India,” said PM Modi at the launch.
Gujarat Chief Minister Bhupendra Patel, Union Minister of Home Affairs and Co-operation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad were also present at the events.
“Gujarat contributes more than 8% to the country’s economy. Gujarat has become a diamond, manufacturing and ceramic hub. Now we’re moving towards making it a financial services hub,” said Gujarat CM