Prime Minister (PM) Narendra Modi laid the foundation stone for the International Financial Services Centers Authority (IFSCA) headquarters at GIFT City in Gandhinagar.
He also founded the National Stock Exchange of India Ltd (NSE) and Singapore Exchange (SGX Group) NSE IFSC-SGX Connect and India International Bullion Exchange (IIBX), India’s first international bullion exchange in GIFT-IFSC.
PM Modi told the gathering: “Today the cornerstone of the International Financial Services Centers Authority – IFSCA Headquarters was laid in GIFT City. I believe as great as this building is in its architecture, it will also create unlimited opportunities to make India an economic superpower. IFSC will encourage innovation and be both a enabler and a catalyst for growth. The institutions and platforms launched today will help 130 million Indians connect to the modern global economy. India is now joining the league of countries like the US, UK and Singapore that are leading the way in global finance.”
He said that after independence, perhaps because of the impact of slavery and weak self-confidence, the country shied away from its glorious legacy of business and finance, limiting its cultural, economic and other ties with the world. “But now ‘New India’ is changing that old way of thinking and integration is one of our most important tasks today. We are rapidly integrating into a global market and supply chain. GIFT City is an important gateway to connect with India as well as global opportunities. When you integrate into GIFT City, you become integrated into the whole world,” he said.
NSE IFSC-SGX Connect represents an innovative way for international investors to participate in India’s growth story. Through SGX Group’s unique trading infrastructure in GIFT City, investors in India and around the world can now trade Nifty contracts listed on NSE IFSC seamlessly and efficiently with global risk management and clearing standards. Investors also have real-time access to NSE IFSC market data.
According to NSE Managing Director and Chief Executive Officer (MD&CEO) Ashishkumar Chauhan, NSE IFSC-SGX Connect will consolidate the liquidity pool for Nifty products on the NSE IFSC exchange and facilitate access for global market participants in GIFT City. “Consequently, it 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,” he says.
Loh Boon Chye, CEO of SGX Group, hailed the launch of Connect as a significant milestone for SGX Group and NSE, saying: “…it brings us one step closer to combining the growing national and international liquidity pools for Nifty products. We are confident that Connect will be the key platform connecting the world to India and providing global investors with unprecedented access to Indian capital markets.”
PM Modi also launched the India International Bullion Exchange (IIBX), India’s first international bullion exchange in GIFT-IFSC.
He said India is now one of the largest economies in the world. Therefore, in the future, when our economy will be larger than it is today, we must be prepared for it now. For this we need institutions that do justice to our current and future role in the global economy. India International Bullion Exchange – IIBX, he said, is a crucial step in that direction.
The Prime Minister also mentioned the role of gold in ensuring the economic empowerment of Indian women. “India’s identity should not be limited to just one big market, but should be that of a ‘market maker’. On the one hand, we bring global capital to local well-being. On the other hand, we also use local productivity for global well-being,” he added.
Mr Modi also noted that the country has seen a new wave of financial inclusion over the past eight years. He says: “Even the poorest of the poor are now joining formal financial institutions. Now that a large population of us have embraced finance, it is imperative that governmental organizations and private actors step forward together.”
The PM also called for financial literacy beyond basic banking as people want to invest in growth.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.