New Dehli 25 July.The Prime Minister, Mr Narendra Modi, will visit Gujarat International Finance Tec-City (GIFT City), India’s maiden International Financial Services Centre (IFSC), on July 29, .
The occasion will also
be graced by Mr Bhupendra Patel, Chief Minister of Gujarat; Mr Amit Shah,
Union Minister of Home Affairs and Co-operation: Smt. Nirmala Sitharaman, Union
Minister of Finance and Corporate Affairs; Union Ministers of State for Finance Mr Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad.
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. The headquarters building of IFSCA has been conceptualised as
an iconic structure, reflective of the growing prominence and stature of
GIFT-IFSC as a leading International Financial Centre.
The Prime Minister
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 Prime Minister
will also launch NSE IFSC-SGX Connect. Under this Connect, 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
said 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.
Several other key
announcements will also be made during the visit of the Prime Minister.