Prime Minister Narendra Modi today launched India’s first International Bullion Exchange (IIBE) at Gujarat International Finance Tech (GIFT) City in Gandhinagar today.
Prime Minister also launched NSE IFSC-SGX Connect and laid the foundation stone of the headquarters of the International Financial Services Centres Authority (IFSCA) at GIFT City.
Addressing the gathering, Prime Minister said GIFT city has been established as an integrated finance and technology services hub for India and the world.
Mr Modi said India is now entering the league of countries like USA UK and Singapore which are giving direction to global finance.
He said with the inauguration of IIBE, India can not only influence the gold pricing but also play a role in setting the gold prices.
The Prime minister said the country has witnessed a new wave of financial inclusion in which poorest of the poor is getting connected to formal financial institutions, therefore it is the need of the hour that all government and private players should come together to spread financial literacy.
Mr Modi expressed confidence that IFSCA headquarters will provide abundant opportunities for making India an economic superpower.
Calling this a historical moment, Union Finance Minister Nirmala Sitaraman said India is one of the leading importers of gold, and the IIBE would strengthen India’s negotiation powers in gold trading.
Gujarat Chief Minister Bhupendra Patel, Ministers of State for Finance, Pankaj Chaudhary, and Bhagwat Karad were also present on the occasion.
Various new initiatives were announced in the presence of PM Narendra Modi which include the commencement of financial operations in India by three leading global banks such as Deutsche Bank, JP Morgan Chase Bank, and MUFG Bank. Indian Regional Office of the New Development Bank will also be set up at GIFT City.
IFSCA also signed memorandums of understanding (MoUs) with regulatory authorities of Singapore, Luxembourg, Qatar, and Sweden in the presence of PM Narendra Modi.
