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PM Modi to open international bullion exchange at Gujarat’s GIFT City on Friday
PM Narendra Modi was earlier scheduled to travel to Gujarat’s GIFT City on July 15 but the trip was put off,
Ahmedabad: Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City) on July 29 in Gandhinagar, where he will launch several initiatives including the country’s first international bullion exchange.
The Prime Minister, during his visit, will lay the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres (IFSCs) in India, according to an official statement.
Union home minister Amit Shah, finance minister Nirmala Sitharaman and Gujarat chief minister Bhupendra Patel are expected to be present at the event.
The IFSCA building has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre, it said.
PM Modi will launch India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC. 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.
“This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the government of India towards enabling India to be able to influence global bullion prices as a principal consumer,” the statement added.
PM Modi is also scheduled to launch NSE IFSC-SGX Connect. Under this, 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 will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants and creating a positive impact on the financial ecosystem in the GIFT-IFSC. Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect.
