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India now enters league of countries like US and UK: PM Modi at GIFT City | Latest India News

India is entering the league of nations like the United States, United Kingdom and Singapore which are forerunners in shaping the global financial sector, Prime Minister Narendra Modi said on Friday.

The Prime Minister was speaking at a reception at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar in Gujarat shortly after laying the foundation stone of the International Financial Services Centers Authority (IFSCA) and inaugurated the India International Bullion Exchange (IIBC) and Platform NSE (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd).

“Today in GIFT City, the foundation stone was laid for the headquarters building of the International Financial Services Centers Authority (IFSCA). I ​​believe that, as grand as this building is in its architecture, it will also create boundless opportunities to make India an economic superpower,” he said. The Prime Minister said that the IFSC will foster innovation and be a catalyst as well as a catalyst for growth. The institutions and platforms launched today will help 130 million Indians connect to the modern global economy.” India is now entering the league of countries like the US, UK and Singapore that are giving direction to the global finance. I congratulate the people of this country for this achievement,” he added.

The brainchild of Prime Minister Modi, who envisioned GIFT City in 2007 when he was Chief Minister of Gujarat, the project is home to the country’s first IFSC. GIFT City is located on the banks of the Sabarmati River in Gandhinagar district. Of the 880 acres of land on which the GIFT City project is built, approximately 250 acres are reserved for the IFSC. IFSCA is the unified regulatory body for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centers (IFSCs) in India.

“India is one of the world’s leading economies and will grow even more in the future; we must build institutions capable of responding to our current and future roles,” the Prime Minister said.

Union Finance Minister Nirmala Sitharaman and Chief Minister of Gujarat Bhupendra Patel were also present at the event.

The PM also launched the NSE IFSC-SGX Connect platform. Under this system, all Nifty derivatives orders placed by Singapore Exchange Limited (SGX) members will be routed and matched on the NSE-IFSC order matching and trading platform.

The Prime Minister said GIFT City was envisioned not just for business, but the aspirations of the common man of the country are part of the vision for it.

“India’s vision of the future is tied to GIFT City, and the dreams of India’s golden past are also tied to that,” he said.

The Prime Minister recalled that in 2008, when the world was facing an economic crisis and was in recession, there was an atmosphere of political paralysis in India. “But, at that time, Gujarat was making new and big steps in the Fintech field. I am happy that this idea has progressed so far today,” he said.

He said GIFT City is a place where wealth creation takes place and where the best minds in the world come together and learn.

“GIFT-city is an important gateway to connect with India as well as global opportunities. When you integrate with GIFT City, you integrate with the whole world,” he said.

The Prime Minister said today that India is one of the largest economies in the world. In the future, when our economy is larger than today, we will need institutions capable of responding to our current and future role in the global economy.

India International Bullion Exchange – IIBX, he said, is a crucial step in this direction.

IIIBX aims to facilitate efficient price discovery with assurance of responsible sourcing and quality, in addition to giving impetus to the financialization of gold in India. This will enable India to earn its rightful place in the global bullion market and serve the global value chain with integrity and quality. IIBX also reinforces the Indian government‘s commitment to enabling India to be able to influence global bullion prices as a primary consumer.

Modi mentioned the role of gold in ensuring the economic empowerment of Indian women. He said India’s identity should not be limited to one big market, but should be a “market maker”. He added: “On the one hand, we bring in global capital for local welfare. On the other hand, we also harness local productivity for global well-being.

The Prime Minister said GIFT IFSC will become a gateway to global debt and equity capital for sustainable and climate projects.

“GIFT City has made progress on all fronts, be it banking, capital, fintech, funds or insurance. In the banking sector alone, over the past two years, total assets have doubled and now stand at $32 billion. Similarly in funds, venture capitalist, private equity or hedge funds all look to this jurisdiction for pooling global funds that can be invested in India. I am very proud that over the past few years, the Ministry of Finance has actively engaged with the authorities of GIFT City and ensured that this center quickly achieves all the objectives it was intended to achieve,” said the Union Minister Sitharaman in his speech.

The Prime Minister said IFSCA should work for financial innovations in aircraft leasing, ship finance, carbon trading, digital currency and intellectual property rights for investment management.

He said IFSCA should also make regulations and operating costs competitive not only in India but also against countries like Dubai and Singapore. “Your goal should be to become a regulatory leader, set high standards for the rule of law and emerge as the world’s preferred arbitration center.”

The NSE IFSC-SGX Connect is a framework between NSE’s subsidiary within the GIFT International Financial Services Center (IFSC) and Singapore Exchange Limited (SGX). Under Connect, all NIFTY derivatives orders placed by members of the Singapore Stock Exchange will be routed and matched on the NSE-IFSC order matching and trading platform. Brokers from India and all international jurisdictions are expected to attend in large numbers to trade derivatives through Connect. This will enhance the liquidity of the GIFT-IFSC derivatives markets, attracting more international participants and creating a positive impact on the GIFT-IFSC financial ecosystem.

“Today is a historic day for NSE IFSC as the NSE IFSC-SGX Connect has commenced. This connection will consolidate the liquidity pool for Nifty products in the NSE IFSC exchange and facilitate access for global market participants to GIFT City Therefore, this will give a boost to the IFSC capital markets ecosystem and is an important step in making GIFT City a preferred global destination for capital markets activities,” said Ashishkumar Chauhan, Managing Director and CEO of NSE in a statement.

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