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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“If today the world thinks India is ready to take a big leap, it has a powerful launchpad of 10 years behind it”
“Today 21st century India has stopped thinking small. What we do today is the best and biggest”
“Trust in government and system is increasing in India”
“Government offices are no longer a problem but are becoming allies of the countrymen”
“Our government created infrastructure keeping the villages in mind”
“By curbing corruption, we have ensured that the benefits of development are distributed equally to every region of India”
“We believe in Governance of Saturation, not Politics of Scarcity”
“Our government is moving ahead keeping the principle of Nation First paramount”
“We have to prepare 21st century India for its coming decades today itself”
“India is the Future”

The Prime Minister, Shri Narendra Modi addressed the News 9 Global Summit in New Delhi today. The theme of the Summit is ‘India: Poised for the Big Leap’.

Addressing the gathering, the Prime Minister said TV 9’s reporting team represents the diversity of India. Their multi-language news platforms made TV 9 a representative of India's vibrant democracy, the Prime Minister said.

The Prime Minister threw light on the theme of the Summit - ‘India: Poised for the Big Leap’, and underlined that a big leap can be taken only when one is filled with passion and enthusiasm. He said that the theme highlights India’s self-confidence and aspirations owing to the creation of a launchpad of 10 years. In these 10 years, the Prime Minister said, the mindset, self-confidence and good governance have been the major factors of transformation.

The Prime Minister underlined the centrality of the commission citizen in the destiny of India. He emphasized that a mindset of defeat can not lead to victory, in this light, he said that the change in mindset and leap that India has taken is incredible. PM Modi recalled the negative view exposed by the leadership of the past and the overhang of corruption, scams, policy paralysis and dynasty politics had shook the foundation of the nation. The Prime Minister mentioned the turnaround and India entering into the top 5 economies of the world. “India of 21st century India does not think small. Whatever we do, we do best and biggest. World is amazed and sees the benefit of moving with India”, he said.

Highlighting the achievements of the last 10 years compared to the ten years before 2014, the Prime Minister mentioned the record increase in FDI from 300 billion US dollars to 640 billion US dollars, India’s digital revolution, trust in India’s Covid vaccine and the growing number of taxpayers in the country which symbolizes the increasing trust of the people in the government. Speaking about mutual fund investments in the country, the Prime Minister informed that people had invested Rs 9 lakh crore in 2014 while 2024 has seen a meteoric rise to Rs 52 lakh crores. “This proves to the citizens that the nation is moving forward with strength”, PM Modi continued, “The level of trust toward self and the government is equal.”

The Prime Minister said that the government's work culture and governance are the cause of this turn-around. “Government offices are no longer a problem but are becoming allies of the countrymen”, he said.

The Prime Minister said that for this leap, a change of gear was needed. He gave examples of long pending projects such as Saryu Canal Project in Uttar Pradesh, Sardar Sarovar Yojana, and Krishna Koena Pariyojana of Maharashtra which were lying pending for decades and were completed by the government. The Prime Minister drew attention to the Atal Tunnel whose foundation stone was laid in 2002 but remained incomplete till 2014, and it was the present government that accomplished the work with its inauguration in 2020. He also gave the example of Bogibeel Bridge in Assam, commissioned in 1998 but finally completed 20 years later in 2018, and Eastern Dedicated Freight Corridor commissioned in 2008 but completed 15 years later in 2023. “Hundreds of such pending projects were completed after the present government came to power in 2014”, he added. The Prime Minister also explained the impact of regular monitoring of the big projects under PRAGATI and informed that in the last 10 years projects worth 17 lakh crore have been reviewed under the mechanism. The Prime Minister gave examples of a few projects that were completed very quickly such as Atal Setu, Parliament Building, Jammu AIIMS, Rajkot AIIMs, IIM Sambalpur, New terminal of Trichy Airport, IIT Bhilai, Goa Airport, undersea cable up to Lakshadweep, Banas Dairy at Varanasi, Dwarka Sudarshan Setu. Foundation stones of all these projects were laid by the Prime Minister and he dedicated them to the nation also. “When there is willpower and respect for the taxpayers' money, only then the nation moves forward and gets ready for a big leap”, he added.

The Prime Minister illustrated the scale by listing the activities of just one week. He mentioned a massive educational push from Jammu with dozens of higher education institutes like IIT, IIMs and IIIT on 20th February, on 24 th February he dedicated 5 AIIMs from Rajkot, and more than 2000 projects including revamping more than 500 Amrit Stations was done this morning. This streak will continue during his visit to three states in the coming two days, he informed. “We lagged in the first, second and third revolutions, now we have to lead the world in the fourth revolution”, the Prime Minister said.

He continued by furnishing the details of the nation's progress. He gave figures like 2 new colleges daily, a new university every week, 55 patents and 600 trademarks every day, 1.5 lakh Mudra loans daily, 37 startups daily, daily UPI transaction of 16 thousand crore rupees, 3 new Jan Aushadhi Kendras per day, construction of 14 KM road everyday, 50 thousand LPG connections everyday, one tap connection every second and 75 thousand people came out of poverty everyday.

Referring to a recent report on the consumption pattern of the country, the Prime Minister highlighted the fact that poverty has reached its lowest level till date into single digit. As per data, he said that consumption has increased by 2.5 times as compared to a decade ago as people's capacity to spend on different goods and services has increased. “In the last 10 years, consumption in villages has increased at a much faster rate than that in cities. This means that the economic power of the village people is increasing, they are having more money to spend”, he said.

The Prime Minister said that the government has developed infrastructure keeping rural needs in mind resulting in better connectivity, new employment opportunities and income for women. This strengthened rural India, he said. “For the first time in India, food expenditure has become less than 50 per cent of the total expenditure. That is, the family which earlier used to spend all its energy in procuring food, today its members are able to spend money on other things”, the Prime Minister added.

Pointing out the trend of vote bank politics adopted by the previous government, the Prime Minister underscored that India has broken out of the scarcity mindset in the last 10 years by putting an end to corruption and ensuring that the benefits of development are distributed equally. “We believe in governance of saturation instead of politics of scarcity”, PM Modi emphasized, “We have chosen the path of santushti (contentment) of the people instead of tushtikaran.” This, the Prime Minister said, has been the mantra of the government for the past decade. “This is Sabka Saath Sabka Vikas”, the Prime Minister said, elaborating that the government has transformed vote bank politics into politics of performance. Highlighting the Modi Ki Guarantee Vehicle, the Prime Minister said that the government of today is going door-to-door and providing facilities to the beneficiaries. “When saturation becomes a mission, there is no scope for any kind of discrimination”, PM Modi exclaimed.

“Our government is moving forward keeping the principle of Nation First paramount”, the Prime Minister remarked, as he mentioned the critical decisions taken by the government to resolve old challenges. He touched upon the abrogation of Article 370, construction of the Ram Mandir, ending of triple talaq, Nari Shakti Vandan Adhiniyam, One Rank One Pension, and creation of the post of Chief of Defense Staff. He underlined that the government completed all such incomplete tasks with the thinking of Nation First.

The Prime Minister stressed the need to prepare the India of the 21st century and threw light on the rapidly progressing plans. “From space to semiconductor, digital to drones, AI to clean energy, 5G to Fintech, India has today reached the forefront of the world”, he said. He highlighted India’s growing prowess as one of the biggest forces in digital payments in the global world, the fastest-growing country in Fintech Adoption Rate, the first country to land a rover on the south pole of the Moon, among the leading countries in the world in Solar Installed Capacity, leaving Europe behind in the expansion of 5G network, rapid progress in the semiconductor sector and rapid developments on future fuels like green hydrogen.

Concluding the address, the Prime Minister said, “Today India is working hard towards its bright future. India is futuristic. Today everyone says – India is the future.” He also drew attention to the importance of the next 5 years. He reaffirmed the belief to take India's potential to new heights in the third term and wished that the coming 5 years be years of progress and praise for India’s journey to Viksit Bharat.