Ahmedabad. Prime Minister Narendra Modi said on Friday that India is now standing in the line of countries like the US, UK and Singapore from where global finance is given direction. He congratulated the people of Gujarat as well as the countrymen on this occasion. PM Modi visited India’s first International Financial Services Center (IFSC) at Gujarat International Finance Tec-City (GIFT City) near Gandhinagar, where he inaugurated the ‘Indian International Bullion Exchange (IIBX)’. This is the country’s first international bullion exchange. Apart from this, Modi also laid the foundation stone of the headquarters of the Integrated Regulatory International Financial Services Center Authority.
PM Modi further said, ‘Gift City is making a strong identity as a center of business and technology. I am also happy to see that through GIFT City, India is moving ahead with a strong stake in the service sector globally. PM Modi also mentioned the global recession in 2008. He said, ‘2008 was a period of world economic crisis and recession. There was an atmosphere of policy paralysis in India. At that time Gujarat was taking new and big steps in the field of Fintech. I am glad that that idea has gone so far today.
Referring to India’s importance in digital payments, PM Modi said, “In the 21st century today, finance and technology are intertwined. And when it comes to technology, when it comes to science and software, India has the edge as well as the experience. Today India alone accounts for 40% of the world’s real time digital payments.
The Prime Minister also launched the NSE IFSC-SGX Connect platform. This platform will help members of Singapore Stock Exchange to trade with Nifty derivatives in NSE IFSC. Gujarat Chief Minister Bhupendra Patel, Union Home and Cooperation Minister Amit Shah, Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Union Minister of State for Finance Pankaj Choudhary and Bhagwat Kishanrao Karad were also present in these programs.
FIRST PUBLISHED : July 29, 2022, 17:22 IST