Prime Minister Narendra Modi laid the foundation stone for the International Financial Services Centres Authority (IFSCA) headquarters building in GIFT City, Gandhinagar, on Sunday. He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC.
The PM also launched the NSE IFSC-SGX Connect. Chief Minister of Gujarat Bhupendrabhai Patel, Finance Minister Nirmala Sitharaman, Dr Bhagwat Karad and Pankaj Chaudhary, both MoS, Finance, Ashishkumar Chauhan, MD & CEO, NSE, Loh Boon Chye, CEO of SGX Group at NSE IFSC-SGX Connect, diplomats, and business leaders were among those present on the occasion.
The Prime Minister stated that this day is very significant for India’s growing economic and technological strength, and for the growing global confidence in India’s prowess.
“I believe, as grand as this building is in its architecture, it will also create unlimited opportunities to make India an economic superpower. IFSC will promote innovation and will be an enabler as well as a catalyst for growth. Institutions and platforms launched today will help Indians to get connected with the modern global economy. India is now entering the league of Countries like the USA, UK and Singapore which are giving direction to global finance. GIFT City is making a strong mark as a hub of commerce and technology. GIFT City celebrates both wealth and wisdom,” the PM said.
The PM mentioned the role of gold in ensuring the economic empowerment of Indian women. Today in the 21st century, finance and technology are linked to each other. And when it comes to technology, science and software, India also has an edge as well as experience.”
The PM added: “I expect all of you to target innovations in fintech. GIFT IFSC emerges as fintech’s global laboratory. IFSCA should work for financial innovations in aircraft leasing, ship financing, carbon trading, digital currency, and IP rights to investment management. Your aim should be to become a leader in regulations, set high standards for rule of law, and emerge as the favourite arbitration centre of the world.”