Prime Minister Narendra Modi on Friday launch ‘India International Bullion Exchange (IIBX)’, the country’s first international bullion exchange near Gandhinagar. He visited India’s first International Financial Services Centre (IFSC) at the Gujarat International Finance Tec-City (GIFT City) on Friday.
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 will also lay the foundation stone for the headquarters building of the International Financial Services Centres Authority.
Apart from that, Modi will launch 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.
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.
“It’s a momentous and historic occasion when three major milestones are being launched. PM has sown the seeds of this center (GIFT City) and will launch the major initiates and more initiatives will come in the near future,” said Sitharaman.
“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.