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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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Text of PM’s address at the laying of foundation stone/ dedication of various projects at Tatanagar, Jharkhand
September 15, 2024
Flags off Six Vande Bharat trains enhancing connectivity
Distributes sanction letters to 32,000 Pradhan Mantri Awas Yojana-Gramin (PMAY-G) beneficiaries and releases first installment of assistance of Rs 32 crore
Participates in Griha Pravesh celebrations of 46,000 beneficiaries
“Jharkhand has the potential to become the most prosperous state of India, Our government is committed to developed Jharkhand and developed India”
“Mantra of 'Sabka Saath, Sabka Vikas' has changed the thinking and priorities of the country”
“Expansion of rail connectivity in eastern India will boost the economy of the entire region”
“PM Janman Yojana is being run for tribal brothers and sisters across the country”

Governor of Jharkhand, Shri Santosh Gangwar ji, my cabinet colleagues Shivraj Singh Chouhan ji, Annapurna Devi ji and Sanjay Seth ji, MP Vidyut Mahto ji, State Government Minister Irfan Ansari ji, Jharkhand BJP President Babulal Marandi ji, All Jharkhand Students Union President Sudesh Mahto ji, MLAs, other distinguished guests, brothers and sisters,

I bow down at the feet of Baba Baidyanath and Baba Basukinath. I also pay my respects to the land of brave Birsa Munda. Today is a very auspicious day. Presently, Jharkhand is celebrating the festival of Karma, which involves nature worship. When I arrived at Ranchi Airport this morning, a sister welcomed me with java, the symbol of Karma festival. Sisters pray for the well-being of their brothers during this festival. I extend my greetings to the people of Jharkhand on the occasion of Karma festival. On this auspicious day, Jharkhand has received a new blessing of development. Six new Vande Bharat trains, railway projects worth over 650 crore rupees, expansion of connectivity and travel facilities, and along with all this, thousands of people in Jharkhand will get their own pucca houses under the PM Awas Yojana. I congratulate the people of Jharkhand for all these development works. I also congratulate all the states that are connecting with these Vande Bharat trains.

Friends,

There was a time when modern amenities and development were limited to only a few cities in the country. States like Jharkhand lagged behind in modern infrastructure and development. However, the mantra of 'Sabka Saath, Sabka Vikas' has changed the country’s mindset and priorities. Now, the priority of the country is the poor. Now, the priority of the country is the tribal communities. Now, the priority of the country is the Dalits, the underprivileged, and the backward sections of society. Now, the priority of the country is women, youth, and farmers. That’s why, Jharkhand, just like other states, is receiving high-tech trains like Vande Bharat and modern infrastructure.

Friends,

Today, every state and city wants high-speed trains like Vande Bharat for rapid development. Just a few days ago, I flagged off 3 new Vande Bharat Express trains for the northern and southern states. And today, services of Vande Bharat Express trains have started from Tatanagar to Patna, Tatanagar to Brahmapur in Odisha, Rourkela to Tatanagar to Howrah, Bhagalpur to Dumka to Howrah, Deoghar to Gaya to Varanasi, and Gaya to Koderma-Parasnath- Dhanbad to Howrah. As the housing distribution program was underway on stage, I also flagged off these Vande Bharat trains, and they have started towards their destinations. The expansion of rail connectivity in Eastern India will strengthen the economy of this entire region. These trains will greatly benefit traders and students. This will also accelerate economic and cultural activities here. As you know, millions of devotees come to Kashi from across the country and the world. With the Vande Bharat trains facilitating travel from Kashi to Deoghar, many of them will also visit Baba Baidyanath. This will promote tourism here. Tatanagar is such a major industrial hub in the country. Good transport facilities will further accelerate its industrial development. With the promotion of tourism and industries, employment opportunities for the youth of Jharkhand will also increase.

Friends,

Modern rail infrastructure is crucial for rapid development. That’s why several new projects have also been launched here today. The foundation stone for the Madhupur bypass line has been laid. Once completed, there will be no need to halt trains on the Howrah-Delhi main line. The bypass line will also reduce travel time between Giridih and Jasidih. Today, the foundation stone for the Hazaribagh Town coaching depot has also been laid. This will facilitate the introduction of several new train services. The doubling of the rail line from Kurkuria to Kanaroan will strengthen rail connectivity in Jharkhand. The completion of this section’s doubling will make the transportation of goods related to the steel industry easier.

Friends,

The central government has increased investment in Jharkhand for its development and also accelerated the pace of work. A budget of over 7,000 crore rupees has been allocated for the development of rail infrastructure in Jharkhand this year. Compared to the budget earmarked 10 years ago, this is 16 times more. You can see the impact of the increased rail budget; today, work is rapidly progressing in laying new rail lines, doubling existing lines, and enhancing modern facilities at stations in the state. Today, Jharkhand has also joined the states where 100 percent of the railway network has been electrified. Under the Amrit Bharat Station Scheme, over 50 railway stations in Jharkhand are also being revamped.

Friends,

Today, the first instalment has been released for building pucca houses for thousands of beneficiaries in Jharkhand. Thousands of people have also been provided with pucca houses under the PM Awas Yojana. Along with homes, they have also been given facilities such as toilets, water, electricity, and gas connections. We must remember... when a family gets its own home, their self-esteem rises... they start thinking not only about improving their present but also about a better future. They feel that they will have a home of their own even in the face of any crisis. And, with the PM Awas Yojana, not only are the people of Jharkhand getting permanent homes, but it is also creating numerous employment opportunities in villages and cities.

Friends,

Since 2014, several major steps have been taken to empower the poor, Dalits, underprivileged, and tribal families of the country. The PM JANMAN scheme is being implemented for the tribal brothers and sisters across the country, including Jharkhand. This scheme aims to reach the most backward tribes. Officials themselves reach these families to provide them with homes, roads, electricity, water, and education. These efforts are part of our commitment to a ‘Viksit Jharkhand’ (Developed Jharkhand). I am confident that with everyone’s blessings, this commitment will definitely be fulfilled, and we will realize the dreams of Jharkhand. After this program, I am going to another large public gathering. I will reach there in 5-10 minutes. A large number of people are waiting for me there. I will discuss other topics related to Jharkhand in detail there. But I also seek forgiveness from the people of Jharkhand because, although I have reached Ranchi, nature did not cooperate, and therefore, I am unable to take off from here by helicopter. I am unable to reach there, and for this reason, I am inaugurating and dedicating all these programs today via video conference. I will also address the public gathering via video conference. Once again, I thank you all for coming here. Namaskar.