GIFT City celebrates both wealth and wisdom: PM Modi

Published By : Admin | July 29, 2022 | 15:42 IST
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PM lays foundation stone of IFSCA headquarters at GIFT City in Gandhinagar
PM also launches India’s first International Bullion Exchange - IIBX at GIFT City
“India is now entering the league of Countries like the USA, UK and Singapore who are giving direction to global finance''
“Aspirations of the common man of the country are part of the vision of GIFT City”
“GIFT City celebrates both wealth and wisdom”
“We need institutions that can cater to our present and enhanced future role in the global economy”
“Today Integration is one of our most significant agenda. We are rapidly integrating with a global market and global supply chain”
“On the one hand, we are bringing in global capital for local welfare. On the other hand, we are also harnessing local productivity for global welfare”
“When it comes to technology, science and software, India has an edge as well as experience”
“Your aim should be to become a leader in regulations, set high standards for rule of law, and emerge as the favourite arbitration center of the world”

Namaskar !

The Chief Minister of Gujarat, Shri Bhupendra Bhai, the Union Finance Minister Smt. Nirmala ji, my other cabinet colleagues, the stalwarts from the business world, all other dignitaries present here, ladies and gentlemen!

This day is very important. It is crucial for India's growing economic potential, India's growing technological capabilities and the world's increasing trust in India. At a time when India is celebrating the 'Azadi Ka Amrit Mahotsav', such new institutions and new systems of a modern India are making India proud.

Today in GIFT City, the foundation stone of the International Financial Services Centres Authority - IFSCA Headquarters Building has been laid. I believe this building is going to be grand in its architecture and it will also create unlimited opportunities to make India an economic superpower. IFSCA will not only become an enabler but will also support innovation and will also act as a catalyst for growth opportunities. This is being started today through the launch of NSE IFSC- SGX Connect in GIFT City.

Friends,

Today the India International Bullion Exchange has also been launched. With the Indian regional office of the New Development Bank, 3 Foreign Banks, and 4 International Trade Financing Services Platforms, we have crossed several important milestones today. These will further help in connecting the potential of 130 crore countrymen to the modern global economy.

India is now standing shoulder to shoulder with major countries of the world like the USA, the UK and Singapore from where global finance is being shaped. On this occasion, I extend my heartiest congratulations to all of you, and to all the countrymen. I particularly want to congratulate my friends from Singapore, whose cooperation is opening up possibilities for both the countries.

Friends,

While living in Gujarat, when I envisioned GIFT City, the idea was not limited to business, trade or economic activities only. The aspirations of the common man of the country are linked to the vision of GIFT City. The vision of India's future is associated with the GIFT City; the dreams of India's golden past are also associated with it.

I still remember, in January 2013 when I came here for the inauguration of 'Gift One', people used to call it the tallest building in Gujarat. For some, this was the only identity given to it. But, Gift City was an idea that was way ahead of its time. Try to recall; 2008 was a period of world economic crisis and recession. Unfortunately in India too, there was an atmosphere of policy paralysis at that time. Just imagine the state of the world then. But, at that time, Gujarat was taking new and major steps in the field of FinTech. I am glad that the same idea has progressed this far today. GIFT City is making a strong mark as a hub of commerce and technology. GIFT City celebrates both wealth and wisdom. I am glad to see that through GIFT City, India is striding ahead strongly in the service sector globally.

Friends,

Another special feature of GIFT City is that it is the main pillar of the tri-city approach. Ahmedabad, Gandhinagar and GIFT City, all three are just 30 minutes away from one another. And all three have their own special identity. Ahmedabad boasts of a glorious history. Gandhinagar is the centre for administration and the main hub of policy and decisions. GIFT City is the main centre of the economy. That is, if you go to any of these three cities, then you are only thirty minutes away from the past, present and future.

Friends,

The initiatives associated with GIFT City are also a part of our efforts towards 'ease of doing business' and 'ease of living'. We have to remember that a vibrant FinTech sector does not mean just an easier business climate, reforms and regulations. It is also a medium of providing a better life and new opportunities to the professionals working in different fields.

Gift City is turning into a place from where new ideas are emerging, wealth creation is happening, and the best minds of the world are coming here to learn and grow. That is, in a way, GIFT City is also becoming a medium of achieving the old economic glory of India. The industry veterans here know that the people of India have been travelling all over the world for business and trade for hundreds of years. There is hardly any part of the world where Indians have not reached. Indian merchants would use innovative financing techniques too.

Excavations are going on at the place I come from, my place of birth - Vadnagar. Ancient coins have also been found there in the excavations. This is proof of how extensive our trading system and relations were. But, after independence, we started shying away from recognising our heritage and this strength. It was probably due to colonialism and our low self-confidence that we limited our professional, cultural and other relationships that much. But now, New India is changing this old mindset too. Today integration is the most important agenda for us. With global markets, we are rapidly integrating with global supply chains. And GIFT City is an important gateway to connect India with global opportunities. When you integrate with GIFT City, you will integrate with the whole world.

Friends,

Today India is one of the largest economies of the world. Therefore, in the future when our economy will be much bigger than it is today, we have to prepare for it now as it is bound to grow. For this, we need institutions that can cater to our present and future roles in the global economy. India International Bullion Exchange - IIBX is a step in this direction.

The love of the people of India for gold is not hidden from anyone. Gold has been a major source of economic power for women in India. Due to the special love of women for gold, the metal has been an equally important part of our society and cultural system. This is one of the major reasons why India is a very big market in the field of gold and silver today. But, should that be the only identity of India? The identity of India should also be that of a market maker. IIBX is an important step in this direction. This will help our players in the gold industry, especially jewellers to expand, paving the way for new opportunities for them. They will be able to buy bullion directly, in a transparent manner, and will also be able to participate in international price discovery. In addition, IIBX will also provide opportunities to trade in gold directly through the exchange. As the gold trading market becomes organized, the demand for gold in India will also impact and determine the gold prices.

Friends,

Whatever happens in India in the future, it will have an impact on the whole world. It will give direction to the whole world. We also value local aspirations, and understand the importance of global cooperation. On one hand, we are bringing in global capital for local welfare while on the other, we are also harnessing local productivity for global welfare. Record foreign direct investment is flowing into India today. This investment is creating new opportunities in the country, fulfilling the aspirations of the youth. It is giving a boost to our industries and increasing our productivity. And this productivity is not only becoming the strength of India but also benefiting the whole world. It is true that the investors who are investing in India today are earning good returns on their investment. But the impact and possibilities associated with it are much wider than this. Today our exports are touching record levels. Our products are reaching new countries and new markets.

At a time when global supply chains are prone to uncertainty and the world is faced with this uncertainty, India is assuring the world of quality products and services. That is why, as I said, it is a wonderful combination of global capital for local welfare and local productivity for global welfare. All the institutions associated with GIFT City will work to further strengthen this bond. There are many institutions here which have global footprints, and also have local connections.

Friends,

I also have many expectations from the new institutions of the New India and the new systems; and I have complete faith in you. In the 21st century, finance and technology are intertwined with each other. And when it comes to technology, science and software, India also has an edge and experience. Today, 40 percent share in the whole world in real time digital payments belongs to India alone. Today we are the leaders in this. This power of India in the field of FinTech is attracting the whole world. Therefore, I expect all of you to aim for new innovations in FinTech. GIFT IFSC emerges as FinTech's global laboratory.

Friends,

I would like to draw your attention to another crucial aspect. For India, success and service are synonymous with each other. Public welfare to global welfare is our motto. That is why, today India is leading the world in the field of sustainable development. We have set a target of Net zero carbon emissions for ourselves. At the national level, we are pursuing the Gatishakti Master Plan and setting new records for renewable energy and e-mobility. Internationally, India is leading the International Solar Alliance. This is one area in which our dedication will open up immense possibilities. I want GIFT IFSC to be a gateway to global debt and equity capital for sustainable and climate projects. Similarly, India needs many financial innovations from aircraft leasing, ship financing, carbon trading, digital currency, and IP rights to investment management. IFSCA should work in this direction. IFSCA should also make regulation and operation cost competitive in comparison to places like Dubai and Singapore. Your aim should be to turn IFSCA into a leader in terms of regulations, set high standards for rule of law, and emerge as the preferred arbitration centre for the world.

Friends,

The country has witnessed a new wave of financial inclusion in the last 8 years with the support of the banking sector. Even the poorest of the poor are joining formal financial institutions today. Today, when a large section of the population is connected with finance, the government organizations and private players together should step forward. For example, today, rising above basic banking, there is a huge scope for financial literacy and financial education. Today there is a major aspirational class in India that wants to invest for growth. If there are such financial courses for them that can teach them about different financial instruments and their features, then it will help them a lot.

Let's take the example of mutual funds. According to the Association of Mutual Funds, the assets under management of the mutual fund industry in India in 2014 were around 10 lakh crores. In these eight years, by June 2022, it has increased by 250 percent to 35 lakh crore. That is, people want to invest. They are ready for it. We need to provide education and information to them. I suggest that we tie-up our financial ecosystem with non-finance colleges and the youth should be educated. After all, it is the youth who will become the earners and investors in the times to come. To inculcate the confidence of the people in these courses, they should be run on not-for-profit mode. Gift City can also work on preparing a good roadmap and ground rules for this by looking at the performance of private players. This year's budget announcement regarding foreign universities in GIFT City will also benefit it.

Friends,

I am sure that you will make full use of the country's potential, and will live up to the country's expectations in this ''Amritkaal'. Thank you so much! I would also like to thank the Government of Gujarat as the policies of the Gujarat Government are turning out to be complementary and fulfilling in terms of this huge mission of GIFT City. And I also appreciate all the initiatives of the Gujarat government and congratulate the Chief Minister of Gujarat for the same.

I can see the people from the world of gems and jewelleries in large numbers. I am sure that they too understand the essence of this opportunity very well. They are well aware of the huge opportunity that has arisen for them and they will take full advantage of it. With this belief, I once again thank you very much and wish you all the very best.

Thank you!

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PM Modi lays foundation stone & dedicates development projects in Bhavnagar, Gujarat
September 29, 2022
പങ്കിടുക
 
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The Prime Minister lays foundation stone of the World’s First CNG Terminal
PM also inaugurates the Regional Science Centre in Bhavnagar
PM inaugurates various other projects including package 7 of Sauni Yojna link 2, 25 MW Palitana Solar PV Project, APPL Container project
PM lays foundation stone of projects including package 9 of Sauni Yohna link 2, Chorvadla Zone water supply project
“In its journey of 300 years, Bhavnagar has made a steady growth and has made its mark as the cultural capital of Saurashtra”
“In the last two decades, sincere efforts have been made to make Gujarat's coastline the gateway to India's prosperity”
“Bhavnagar is emerging as a shining example of port-led development”
“Lothal is the oldest port in the world and the construction of Lothal Maritime Museum will create a new identity for the place”
“Along the lines of empowerment of farmers, credit cards were issued to fishermen”
“Supporting those who have been left behind is a commitment of the double-engine government”
“Dreams and aspirations of the poor give me the energy to work continuously”

The Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone of projects worth over ₹5200 crores in Bhavnagar today. The Prime Minister laid the foundation stone of the World’s First CNG Terminal and of the brownfield port at Bhavnagar. The Prime Minister also inaugurated the Regional Science Centre which is spread over 20 acres and has been built at a cost of around ₹100 crores. During the programme, the Prime Minister also inaugurated various other projects including package 7 of Sauni Yojna link 2, 25 MW Palitana Solar PV Project, APPL Container (Aawadkrupa Plastomech Pvt. Ltd.) project; and laid the foundation stone of projects including package 9 of Sauni Yohna link 2, Chorvadla Zone water supply project among others.

Addressing the gathering, the Prime Minister thanked the people for coming to the event in such a large number despite the warm weather. He said, on one hand, when the country is celebrating 75 years of independence, Bhavnagar has completed 300 years of its establishment. In this journey of 300 years, Bhavnagar has made steady growth and has made its mark as the cultural capital of Saurashtra. This development journey of Bhavnagar will get a new momentum through the projects being launched and planned today. He said that he is of the firm belief that Rajkot-Jamnagar-Bhavnagar area will soon have the same aura as Surat-Vadodara-Ahmedabad. He said that Bhavnagar has immense potential in industry, agriculture and business. Today's event is a living example of the efforts of the double-engine government in this direction.

The Prime Minister remarked that Bhavnagar is a district situated on the coast and Gujarat has the longest coastline in the country. But due to the lack of attention to coastal development in the post-independence decades, this vast coastline had become a kind of big challenge for the people. Highlighting the work done by the double-engine government, the Prime Minister remarked that in the last two decades, the government has made sincere efforts to make Gujarat's coastline the gateway to India's prosperity. “We have developed many ports in Gujarat, modernized many ports”, the Prime Minister added, “New opportunities for employment were created.” The Prime Minister pointed out that Gujarat was the first state in the country to get an LNG terminal and today, Gujarat has three LNG terminals.

Throwing light on the importance of the coastal ecosystem, the Prime Minister remarked that the government has played a key role in developing coastal industries and energy networks for these industries. Fishing harbours were constructed and fish processing was promoted for the benefit of the fishermen's community. Mangrove forests were also developed in the area. Shri Modi also commented that the then government in the Center had said that many lessons can be learnt from Gujarat about how to develop a coastal area. The Prime Minister also said that the government has taken key steps to take aquaculture forward. Remarking on the coastline of Gujarat, the Prime Minister said that it has become a medium of employment for lakhs of people today besides playing a big role in the import and export of the country. “Today, Gujarat's coastline is emerging as synonymous with renewable energy and the hydrogen ecosystem”, he continued, “We have tried to make Saurashtra a centre of energy. Today, whatever be the energy needs of the country, this region is becoming an important hub of that.”

The Prime Minister underlined that the port of Bhavnagar will play a big role in building a self-reliant India and create hundreds of new employment opportunities in the state. “There will be an expansion of business related to storage, transportation and logistics”, Shri Modi added. Referring to the legacy of the Alang Ship breaking yard, the Prime Minister said that the biggest beneficiary of the Vehicle Scrappage Policy will be Bhavnagar. He also underlined the related opportunities of container building from the scrapped iron.

Remarking on Lothal being an important centre of our heritage, the Prime Minister said that it is the oldest port in the world and the construction of Lothal Maritime Museum will create a new identity for the place. The Prime Minister also pointed out that work is being carried out at a rapid pace to bring it on the tourism map of the whole world. “Along with Lothal, the eco-tourism circuit in Velavadar National Park is also going to benefit Bhavnagar, especially small businesses”, the Prime Minister added. Shri Modi recalled a time when the fishermen of the area had to face life-threatening situations due to a lack of awareness. Recalling the time when the Prime Minister was the Chief Minister of Gujarat, he said that a special red basket with several buttons was handed out to the fisherman. In times of an emergency, the fisherman had to press the button to summon the coast guard office for assistance or help. The Prime Minister further added that subsidies have been provided to the fishermen to improve the condition of their boats. “Along the lines of empowerment of farmers, credit cards were issued to fishermen”, Shri Modi said.

The Prime Minister expressed satisfaction with the changes that have been brought about after the implementation of the Sauni Yojna which began in Rajkot. Emphasizing the relentless progress of the project despite initial cynicism in some quarters, the Prime Minister said “today, the Sauni Yojna is taking Narmada to all the places where it is supposed to go at a meteoric pace”. The Prime Minister highlighted that the projects that have been inaugurated today will take the waters of the Narmada river to many districts of Bhavnagar and Amreli. Shri Modi pointed out that it will immensely benefit the farmers of several villages of Gariadhar, Jesar and Mahuva talukas of Bhavnagar, along with Rajula and Khambha talukas of Amreli district. “Work has also started today to reach hundreds of villages and dozens of cities in Bhavnagar, Gir Somnath, Amreli, Botad, Junagadh, Rajkot and Porbandar districts”, the Prime Minister added.

In concluding the address, the Prime Minister said that supporting those who have been left behind is a commitment of the double-engine government. When the poorest of the poor get resources and dignity, they overpower poverty by the dint of hard work and perseverance. The Prime Minister remarked, “In Gujarat, we often organize Garib Kalyan Melas. During one such program, I handed over a tricycle to a sister here in Bhavnagar. Then that sister told me that I have never driven a tricycle. So give electric tricycle only. This faith and these dreams of the poor are my strength even today. These dreams, these aspirations of the poor give me the energy to work continuously.”

The Prime Minister recalled his long association with Bhavnagar and remembered his old associates and went down memory lane. He said that today’s projects will contribute to the bright future of Bhavnagar. He thanked the people for their ever-growing affection for him.

Chief Minister of Gujarat, Shri Bhupendra Patel, Union Minister of Health and Family Welfare, Shri Mansukh Mandaviya, Member of Parliament, Shri C R Patil, Dr Bhartiben Shiyal and Shri Naranbhai Kacchadiya were those present on the occasion among others.

Background

The Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone of projects worth over ₹5200 crores in Bhavnagar. The Prime Minister laid the foundation stone of the World’s First CNG Terminal and of brownfield port at Bhavnagar. The port will be developed at a cost of over ₹4000 crores and will have the state-of-the-art infrastructure for the world’s first CNG Terminal along with the world’s fourth largest lock gate system. In addition to the CNG Terminal, the port will also cater to the future needs and demands of various upcoming projects in the region. The port will have an ultra-modern Container Terminal, Multipurpose Terminal, and Liquid Terminal with direct door-step connectivity to the existing roadway and railway network. It will not only lead to economic benefits in terms of cost saving in handling cargo but also generate employment for people in the region. Also, the CNG Import Terminal will provide an additional alternate source of energy to meet the growing demands for clean energy.

The Prime Minister, Shri Narendra Modi also inaugurated the Regional Science Centre in Bhavnagar, which is spread over 20 acres and has been built at a cost of around ₹100 crores. The centre has several theme-based galleries including Marine Aquatic gallery, Automobile gallery, Nobel Prize gallery - Physiology and Medicine, Electro-Mechanics gallery, and Biology Science gallery. The centre will also provide a creative platform for discovery and exploration for children through outdoor installations like animatronic dinosaurs, science theme-based toy trains, nature exploration tours, motion simulators, portable solar observatories etc.

During the programme, the Prime Minister also inaugurated various other projects including package 7 of Sauni Yojna link 2, 25 MW Palitana Solar PV Project, APPL Container (Aawadkrupa Plastomech Pvt. Ltd.) project; and laid the foundation stone of projects including package 9 of Sauni Yohna link 2, Chorvadla Zone water supply project among others.

The inauguration and foundation stone of these wide-ranging developmental projects reflect the commitment of the Prime Minister to develop world-class infrastructure, enhance urban mobility and improve multi-modal connectivity. It also showcases the continuous focus of his government on enhancing the ease of living of the common man.