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PM lays foundation stone of IFSCA headquarters at GIFT City in Gandhinagar

Published By : Admin | July 29, 2022 | 15:41 IST
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”

Prime Minister Shri Narendra Modi laid the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA) in GIFT City, Gandhinagar. He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC. He also launched the NSE IFSC-SGX Connect. Chief Minister of Gujarat Shri Bhupendrabhai Patel, Union Minister Smt Nirmala Sitharaman, Union and State Ministers, diplomats, business leaders were among those present on the occasion.

Addressing the gathering, the Prime Minister said this day is very significant for the growing economic and technological strength of India and also for the growing global confidence in the prowess of India. “Today, in GIFT City, the foundation stone of the International Financial Services Centers Authority - IFSCA headquarters building, has been laid. I believe, as grand as this building is in its architecture, it will also create unlimited opportunities to make India an economic superpower”, he said. The Prime Minister said that IFSC will promote innovation and will be an enabler as well as a catalyst for growth. Institutions and platforms launched today will help 130 crore Indians to get connected with the modern global economy. “India is now entering the league of Countries like the USA, UK and Singapore who are giving direction to global finance'' he added.

Going back to his original concept of GIFT-city, the Prime Minister said GIFT-city is not just for business but the aspirations of the common man of the country are part of the vision of GIFT City. The vision of India's future is connected in GIFT-City, and dreams of India's golden past are also connected with this”.

The Prime Minister recalled that in 2008, when the world was facing an 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 am glad that that idea has progressed so far today”, he said.

The Prime Minister noted that GIFT City is making a strong mark as a hub of commerce and technology. GIFT City celebrates both wealth and wisdom. He was also happy to see that through GIFT City, India is moving ahead with a strong stake in the service sector globally. He said that GIFT-city is a venue where wealth creation is happening and the best brains of the world are congregating and learning. ‘In a way, it is also a medium of reclaiming India’s glory in finance and business’, the Prime Minister said.

The Prime Minister said 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 to give a better life and new opportunities to the professionals working in different fields.

He said that post independence, may be due to the impact of slavery and weak self confidence, the country kept shying away from the glorious legacy of business and finance and restricted its cultural, economic and other relations with the world. “However, now, ‘New India' is changing this old way of thinking and today Integration is one of our most significant agenda. We are rapidly integrating with a global market and global supply chain”, he said. “GIFT-city is an important gateway to get connected with India as well as global opportunities. When you get integrated with GIFT-city, you get integrated with the entire world”, he said.

The Prime Minister said today India is one of the largest economies of the world. So in future, when our economy will be bigger than it is today, we have to be ready for it now. For this we need institutions that can cater to our present and future role in the global economy. India International Bullion Exchange - IIBX, he said, is a crucial step in that direction. He mentioned the role of gold in ensuring economic empowerment of the Indian women. He said that India’s identity should not remain limited to just a big market but it should be a ‘market maker’. He added “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.”

The Prime Minister said that India’s strength goes beyond giving good returns to investors. He elaborated “At a time when global supply chains are plagued with uncertainty and the world is apprehensive of this uncertainty, India is assuring the world of quality products and services.” The Prime Minister further said “I have many expectations from the new institutions of new India, from the new systems and I have full faith in you. Today in the 21st century, finance and technology are linked to each other. And when it comes to technology, science and software, India also has an edge as well as experience too.” The Prime Minister, while underlining India’s leadership in fintech, asked the GIFT-city stakeholders to focus on fintech. “I expect all of you to target new innovations in Fintech and GIFT IFSC emerges as fintech's global laboratory.”

Second expectation expressed by the Prime Minister was about GIFT IFSC to become a gateway to global debt and equity capital for sustainable and climate projects. Thirdly, IFSCA should work for financial innovations in aircraft leasing, ship financing, carbon trading, digital currency, and IP rights to investment management. The Prime Minister also said “IFSCA should also make regulation and operation cost competitive not only in India but also in comparison to countries like Dubai and Singapore. “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”

The Prime Minister noted that in the last 8 years, the country has witnessed a new wave of financial inclusion. Even the poorest of the poor are joining formal financial institutions today. Today, when a large population of ours has joined finance, it is the need of the hour that government organisations and private players, together, step forward, he said. The Prime Minister called for financial literacy above basic banking as people wish to invest for growth.

About GIFT city, IFSCA, IIBX and NSE IFSC-SGX Connect

GIFT city (Gujarat International Finance Tec-City) was envisaged as an integrated hub for financial and technology services not just for India but for the world. IFSCA is 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 building has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre.

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. It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. IIBX 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.

NSE IFSC-SGX Connect is a framework between NSE's subsidiary in the GIFT International Financial Services Centre (IFSC) and Singapore Exchange Limited (SGX). Under Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange will be routed to and matched on the NSE-IFSC order matching and trading platform. Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through Connect. It 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.

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Theme of meeting : Inclusive Human Development for Viksit Bharat@2047

Prime Minister Shri Narendra Modi chaired the 11th Governing Council Meeting of NITI Aayog at Rashtrapati Bhavan Cultural Centre, New Delhi, earlier today. This year’s theme was Inclusive Human Development for Viksit Bharat@2047. It was attended by Chief Ministers, Lt. Governors and Administrators representing 28 States and 5 UTs. This was the first time when Chief Ministers of all 28 States participated in the Governing Council Meeting of NITI Aayog.

Prime Minister noted that at a time when many major economies are facing uncertainty and economic challenges, India’s growth story continues to inspire the world. He emphasized the need to further strengthen the nation’s resolve towards self-reliance and highlighted the importance of adopting and implementing global best practices, particularly in the renewable energy sector.

Underscoring the importance of cooperative federalism, Prime Minister stated that the Centre and the States must work together to achieve the goal of a Viksit Bharat. He stressed that the vision of Viksit Bharat should become the collective resolve of every State, district, block and village.

Highlighting the strength of India’s demographic profile, Prime Minister observed that the country’s youth constitute its greatest asset, with nearly 70 crore Indians below the age of 25 years. Calling this a demographic dividend, he urged States to focus on transforming it into a development dividend through education, skilling and capacity-building initiatives that prepare young people for future opportunities and challenges.

Referring to India’s recently concluded trade agreements with several countries, Prime Minister encouraged States to create opportunities for youth and MSMEs and to equip stakeholders to effectively leverage the benefits arising from these agreements. He also urged States to actively attract investments from partner countries.

Emphasizing women-led development, Prime Minister called upon States to work towards increasing the number of Lakhpati Didis from 3 crore to 6 crore and stressed the importance of ensuring a safe and secure environment for Nari Shakti.

Prime Minister urged States to focus on One District One Product (ODOP) initiatives and develop export-oriented strategies around it. He also identified defence manufacturing as an emerging sector where India is establishing a distinct identity and encouraged States to formulate policies to leverage the opportunities arising from its growth.

Prime Minister highlighted the need for coordinated efforts to address emerging social challenges such as drug abuse and cyber fraud through preventive measures, awareness campaigns and effective governance.

Prime Minister also drew attention to concerns arising from El Niño conditions and appealed to States to promote water conservation and encourage natural and organic farming practices. He noted that the purchase of 11 lakh tonnes of organic manure by farmers during the current Kharif season reflected growing confidence in sustainable agriculture.

Prime Minister emphasized the need to evaluate progress at the district level, particularly through aspirational district parameters. Prime Minister suggested that on similar lines, 100 districts should be identified in the field of agriculture to bring positive results. He urged the States to take lead in this pursuit so that a phenomenal change can be achieved through the aspirational approach.

Prime Minister emphasised the need for a monitoring framework and targeted 100-day and five-year goals towards achieving the vision of Viksit Bharat@2047.

Highlighting the importance of good governance, transparency, and infrastructure for attracting investment, he urged States to focus on branding, ease of doing business, and emerging opportunities in sectors such as data centres and artificial intelligence. He emphasized that AI should be viewed as an opportunity and called for greater efforts to equip people with the skills required for the future economy.

The Chief Ministers/Lt. Governors/Administrators congratulated Prime Minister Modi on completing 12 years in his office. They also expressed solidarity with the Centre to withstand the global geo-political crisis and to strengthen India’s resilience with respect to energy requirements, and sustain its growth trajectory.

Prime Minister noted that the discussions were constructive and reflected the aspirations, hopes, experiences, best practices, and challenges of the States. Prime Minister expressed his gratitude to all the CMs, LGs and Administrators for participating in the meeting and expressed confidence that Together, through cooperation, innovation, and a shared commitment to development, India can accelerate its journey towards a Viksit Bharat by 2047.