Prime Minister Narendra Modi laid the foundation stone of the Headquarters Building of the International Financial Services Centres Authority, in Gandhinagar.PM Modi also launched the India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect.
The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the UK are partner countries in the first edition of the Forum, the Prime Minister`s Office informed in a press release.
The International Financial Services Centres Authority (IFSCA), headquartered at GIFT City, Gandhinagar Gujarat, has been established under the International Financial Services Centres Authority Act, 2019. It works as a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India.
The Prime Minister said India is now in company of countries like the USA, UK and Singapore where new trends in the global financial sector are shaped.
He said India is one of the world’s leading economies and should build institutions that can cater to its present and future roles.
“Today, India is standing in line with countries like the USA, UK and Singapore where new trends in the global financial sector are shaped. I congratulate people of the country for this achievement,” Modi said. “India is one of the world’s leading economies and will grow even bigger going forward; we should build institutions that can cater to our present and future roles,” the Prime Minister said. Modi said India accounts for 40 per cent of real time digital payments in the world.
Through the GIFT City, India is laying strong claim for its place in the international financial services sector, he said.