PM Modi lays stone for International Financial Services HQ

Wednesday 03rd August 2022 07:02 EDT

Prime Minister Narendra Modi laid the foundation stone for the headquarters building of the International Financial Services Centre Authority (IFSCA) in GIFT City in Gandhinagar. He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC, along with the NSE IFSC-SGX Connect.

He said that IFSC will promote innovation and will be an enabler as well as a catalyst for growth. “India is now entering the league of countries like the US, UK and Singapore who are giving direction to global finance,” he said.

The Prime Minister said India is one of the largest economies of the world. India International Bullion Exchange IIBX, he said, is a crucial step in that direction. He mentioned the role of gold in ensuring economic empowerment of Indian women. He said that India’s identity should not remain limited to just a big market, but it should be a ‘market maker’. He said, “On the one hand, we are bringing in global capital for local welfare. On the other hand, we are also harnessing local productivity for global welfare.”

He said GIFT IFSC should become a gateway to global debt and equity capital for sustainable and climate projects. IFSCA should work for financial innovations in aircraft leasing, ship financing, carbon trading, digital currency, and IP rights to investment management. The Prime Minister also said, “IFSCA should also make regulation and operation cost competitive not only in India but also in comparison to countries like Dubai and Singapore. Your aim should be to become a leader in regulations, set high standards for rule of law, and emerge as the favourite arbitration center of the world.”

IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India. It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. IIBX also reenforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer.
NSE IFSC-SGX Connect is a framework between NSE’s subsidiary in the GIFT International Financial Services Centre (IFSC) and Singapore Exchange Limited.

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