PM Modi to visit GIFT International Financial Services Center on July 29



Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India’s premier International Financial Services Center (IFSC), on July 29, 2022.

The Prime Minister’s Office informed that the Prime Minister, during his visit, will lay the foundation stone for the headquarters building of the International Financial Services Centers Authority (IFSCA), the unified regulatory body for the development and the regulation of financial products, financial services and institutions in the International Financial Services Centers (IFSCs) in India.

The IFSCA headquarters building has been conceptualized as an iconic structure, reflecting the growing importance and stature of GIFT-IFSC as a leading international financial center.

The Prime Minister will launch India International Bullion Exchange (IIBX), India’s first international bullion exchange in GIFT-IFSC. IIBX will facilitate efficient price discovery with assurance of responsible sourcing and quality, in addition to giving impetus to the financialization of gold in India.

This will enable India to earn its rightful place in the global bullion market and serve the global value chain with integrity and quality. It also reinforces the Indian government’s commitment to enabling India to be able to influence global bullion prices as a major consumer.

The Prime Minister will also launch NSE IFSC-SGX Connect. Under this Connect, all NIFTY derivatives orders placed by members of Singapore Exchange Limited (SGX) will be routed and matched on the NSE-IFSC order matching and trading platform. Said Connect will deepen the liquidity of GIFT-IFSC’s derivatives markets, attracting more international participants and creating a positive impact on GIFT-IFSC’s financial ecosystem.

Broker-dealers from India and all international jurisdictions are expected to participate in large numbers to trade derivatives through the connection. Several other key announcements will also be made during the Prime Minister’s visit.

Notably, Legislative Assembly elections will be held in Gujarat in December 2022 to elect 182 members of the Gujarat Legislative Assembly. In the last elections, Congress was the main challenger and the party performed well against the ruling BJP.

This time the BJP will face a challenge from the Aam Admi party and in the wake of the party putting on a stellar show in Punjab, the fight promises to be an interesting one. In previous elections, the BJP won 99 seats in the assembly where the magic number is 92, while the Congress ended up with 77 seats.

The occasion will also be graced by Chief Minister of Gujarat Bhupendra Patel; Union Minister of Interior and Cooperation Amit Shah, Union Minister of Finance and Trade Nirmala Sitharaman; Gujarat Government Finance and Energy Minister Kanubhai Desai; Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad, Union Ministers of State for Finance.

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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