Mera Saansad
Search Search
English language

India International Exchange will set new standards of quality of service and speed of transactions:PM

Published By : Admin | January 9, 2017 | 18:36 IST
Inauguration of India International Exchange is a momentous occasion for India’s financial sector: PM
Indians are now at the forefront of Information Technology and Finance, both areas of knowledge where zero plays a crucial role: PM
India is in an excellent time-zone between West & East. It can provide financial services through day & night to the entire world: PM
IFSC aims to provide onshore talent with an offshore technological and regulatory framework: PM Modi
Gift city should become the price setter for at least a few of the largest traded instruments in the world: PM

I am delighted to be here at Gift City to inaugurate India’s first international stock exchange, that is, the India International Exchange. Indeed, it is a momentous occasion for India’s financial sector.

As you are aware, this project took shape in the year 2007. The vision was to create a world class Finance and IT zone for India, to provide services not only to India but the entire world.

In those days, as now, wherever I went, I would meet some of the top financial brains of those countries. Whether in New York, London, Singapore, Hong Kong or Abu Dhabi, I would find many of them to be of Indian origin. I was impressed by their understanding of the financial world, and also their contributions to their adopted countries.

I used to think, “How can we bring this talent back and at the same time, provide leadership to the entire financial world?”

Indians have a long tradition in mathematics. India invented the concept of ‘zero’ and the ‘decimal system’ more than two thousand years ago. It is no accident that Indians are now at the forefront of Information Technology and Finance, both areas of knowledge where zero plays a crucial role!

When the Gift city was conceptualised, I was Chief Minister of Gujarat. Technological progress had accelerated manifold. We had world class talent of Indian origin working in India and abroad. India had a leadership position in Information Technology. Finance was being increasingly married to technology. It was becoming very clear to us that finance combined with technology, or “fintech” as it is sometimes called, would be an important part of India’s future development.

I deliberated a lot with experts about how to make India, a thought leader, in the field of Finance. It was clear that we would need to have the best facilities and the ability to transact in all markets in the world. Gift city was born out of this vision. Our aim was to provide world class facilities to India’s world class talent in finance and technology. Today, with the inauguration of this Exchange, we have reached an important landmark in achieving that vision.

 

I had visited the Bombay Stock Exchange in June 2013 for a book launch. At that time, I had invited BSE to set up a world beating International Stock Exchange. In the year 2015, during the Vibrant Gujarat event, they signed an MoU with Government of Gujarat. Today, I am delighted to be here to inaugurate the new India International Exchange. It is an important milestone not just for Gift city but for India, in creating 21st century infrastructure.

I am told this exchange will trade in equity, commodities, currencies and interest rate derivatives in the first phase. Later, it will trade equity instruments of Indian and foreign companies. I am told Masala bonds will also be available for trading here. Many more companies from Asia, Africa and Europe should be able to raise funds from this important International Finance Centre. This exchange is set to be among the fastest exchanges in the world with most modern trading, clearing and settlement systems. India is in an excellent time-zone between West and East. It can provide financial services through the day and night to the entire world. The exchange, I am told, will work twenty two hours a day, starting when the Japanese markets start, and closing when US markets close. I am sure, this exchange will set new standards for quality of service and speed of transactions across time zones.

This exchange is part of the International Financial Services Centre, - IFSC - at Gift city. The concept of an International Financial Services Centre is simple but powerful. It aims to provide onshore talent with an offshore technological and regulatory framework. This is to enable Indian firms to compete on an equal footing with offshore financial centres. Gift City IFSC will be able to provide facilities and regulations comparable to any other leading international finance centres in the world.

It is not easy to create an offshore-like environment in a large country like India with a huge domestic market. India cannot be compared to small city states. Such countries have very small local markets and hence can afford to have specially favourable tax and regulatory regimes. Large countries cannot do the same. Creating an offshore-like centre within a large country like India, therefore did pose regulatory challenges. I am glad that the Ministry of Finance, the Reserve Bank and SEBI have found solutions to the regulatory issues.

There has been criticism for long that a lot of trading, even in Indian financial instruments, is currently taking place abroad. It is said that India has stopped becoming the price setter for even some Indian financial instruments. Gift city will be able to mitigate many of these criticisms. But my vision for Gift City is larger. My vision is that in ten years from now, Gift city should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other financial instrument.

India needs to create thirty crore new jobs over the next twenty years. It is a huge endeavour. Skilled and well-paying jobs in the service sector will have to be part of this job revolution. Indian youth can do it. The international exposure which our youth will be able to get from Gift city will ensure that more and more of them will be able to join this important field. I urge Indian companies, exchanges and regulators, to help create a pool of experienced and world beating finance professionals. They can work out of this great new city and provide services to the entire world. Over next ten years, I expect this city to generate several lakh jobs.

You are aware of the importance I attach to the development of smart cities. Gift city is the first ground up truly smart city in the country. All the 100 smart cities will do well to understand how Gift city has been able to create its underground infrastructure which can compete with the best in the world. I have said before that India can become a developed country in one generation. New cities will be important in creating the new India of our dreams:

– a confident India

– a prosperous India

– an inclusive India

– our India.

I hereby declare the India International Exchange open. I wish Gift city and the India International Exchange the very best.

Thank you.

Login or Register to add your comment
Explore More
Today, the entire country and entire world is filled with the spirit of Bhagwan Shri Ram: PM Modi at Dhwajarohan Utsav in Ayodhya

Popular Speeches

Today, the entire country and entire world is filled with the spirit of Bhagwan Shri Ram: PM Modi at Dhwajarohan Utsav in Ayodhya
View All

Media Coverage

"Doomsayers Doomed, India Bloomed": PM Modi Says GDP Growth "Exemplary"
View All
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
Download App
...
We must transform our shared geography into shared opportunities: PM Modi at SCO Summit
September 01, 2026

President of Kyrgyzstan,

Excellencies,

Namaskar!

It is a matter of great pleasure for me to be here amongst all of you on this special occasion of the 25th anniversary of the SCO.

I sincerely thank President Japarov for the warm welcome and gracious hospitality extended to us in Bishkek.

We had the privilege of being here yesterday, on the occasion of Kyrgyzstan’s Independence Day. I once again extend my warmest congratulations to the President and the people of Kyrgyzstan.

And today, on the occasion of Uzbekistan’s Independence Day, I extend my warmest congratulations to the President and the people of Uzbekistan as well.

During the spectacular Opening Ceremony of the World Nomad Games, we all caught a glimpse of Kyrgyzstan’s rich culture and our shared heritage. This shared heritage and our deep people-to-people connections are among the great strengths of the SCO family.

Friends,

Over the past twenty-five years, the SCO has developed a strong tradition of dialogue and cooperation across the vast expanse of Eurasia. Together, we have made valuable contributions not only to the well-being of our people, but also to the advancement of humanity. Over these twenty-five years, we have laid a strong foundation for cooperation. In the next twenty-five years, our goal should be to translate this cooperation into tangible outcomes.

At a time when the world is passing through uncertainty and instability, we must transform our shared geography into shared opportunities. And through our efforts, we must bring about positive change in the lives of our people.

Friends,

At the previous meeting, I had outlined the three main pillars of India’s vision for the SCO:

S - Security,

C – Connectivity, and

O – Opportunity

The time has come to move these three pillars beyond vision and translate them into concrete outcomes. The first and foremost requirement for this is peace and security. Terrorism continues to pose a serious challenge to humanity as a whole. In the fight against terrorism, we cannot remain confined to an action-reaction approach.

We must dismantle the entire ecosystem of terrorist financing, recruitment, radicalisation, and safe havens. We must speak with one voice and make it clear that there can be no place for double standards on this serious issue.

We must send a strong message to countries that use terrorism as an instrument of policy and provide safe haven and support to terrorists that terrorism can never be a strategic asset for anyone.

Our shared aspiration for a peaceful and secure Eurasia is also closely linked to peace and stability in Afghanistan. India has been contributing to the development and provision of humanitarian assistance to the people of Afghanistan and will continue to do so.

In today’s interconnected world, the scope of security has become even broader. The crisis in West Asia has demonstrated that a conflict in one region does not remain confined to that region. Its impact is felt across the world, affecting energy security, maritime trade, and supply chains. The countries of the Global South bear the greatest brunt of such disruptions. Therefore, India has consistently called for all tensions and conflicts to be resolved not on the battlefield, but through dialogue and diplomacy.

Drug trafficking is not merely a crime; it is a serious threat to our younger generation and regional security. The Centres being established under the SCO to address challenges such as security threats, organised crime, information security, and narcotics are a positive step. We must make these Centres an effective instrument for practical coordination and timely action.

Friends,

The second pillar of our shared development is strong and reliable connectivity. India supports all efforts that connect markets, facilitate trade, and open up new avenues for development. However, it is equally essential that such efforts respect the sovereignty and territorial integrity of all countries. This is also the fundamental spirit of the SCO Charter.

Going forward, the scope of connectivity will become even broader. Along with roads, railways, and air corridors, we must simplify customs processes, promote digital documentation, and make logistics networks more efficient.

Friends,

The third pillar is — Opportunity.

It means that the benefits of SCO cooperation should reach our people directly. Our greatest strength is the connections between our people. For India, the SCO is a confluence of great civilisations, cultures, and ideas. Over the next twenty-five years of the SCO, people-to-people ties should remain at the heart of our cooperation.

The true measure of our success should be how many new opportunities our efforts create for young people, how many new markets open up for our entrepreneurs, how much our farmers benefit from technology, and how much better the lives of our citizens become.

This is the true meaning of “Security, Connectivity, and Opportunity.”

Our cooperation in the SCO should not be merely government-driven; it should also be people-driven. I am pleased that, under Kyrgyzstan’s chairmanship, special emphasis has been placed on youth engagement within the SCO. India has taken initiatives such as the SCO Start-up Forum, Young Authors’ Conclave, and Young Scientists’ Forum.

Last year, India proposed the SCO Civilizational Dialogue Forum. I am pleased that its first session will be held in India this year. I am confident that with the active participation of all of you, this forum will become a strong platform for vibrant dialogue within the SCO.

Friends,

Kyrgyzstan’s great literary figure, Chingiz Aitmatov, gave the world a beautiful and profound thought. He said that we often focus more on the things that divide us, and less on the things that unite us.

This message is equally relevant for the SCO today. Our diversity is our identity, and our shared purpose is our strength. From Bishkek, we should move forward with this resolve:

From shared geography to shared opportunities,

from vision to outcomes,

and from government-driven cooperation to people-driven partnership.

With the same belief and commitment, India is ready to contribute to the SCO family’s shared journey.

Thank you very much.