Prime Minister Narendra Modi has launched India’s first international bullion exchange IIBX near Gandhinagar. IIBX will facilitate the transition of the Indian bullion market towards a more organised structure by granting qualified jewellers a direct access to import gold directly through the exchange mechanism.
PM Modi also launched NSE IFSC-SGX Connect platform, in which 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 platform will deepen liquidity in derivative markets at GIFT-IFSC. The prime minister also laid the foundation stone for the headquarters building of the International Financial Services Centres Authority.
“International Financial Services Centres Authority (IFSCA) will become an enabler, it will support innovation and also become a catalyst for growth opportunities. In 2008 there was a global economic crisis and recession. There was an atmosphere of policy paralysis in India. But, at that time Gujarat was taking new and big steps in the field of fintech. I’m glad that idea has progressed so far today. India is now standing in line with countries like USA, UK and Singapore from where global finance is given direction. Today India is one of the largest economies in the world. Today a record foreign investment is coming to India.”
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