On Friday, Prime Minister Narendra Modi will pay a visit to the Gujarat International Finance Tec-City (GIFT City), a financial technology hub close to Gandhinagar, which is home to India’s first IFSC.
The Gujarat government said in a statement that Modi will officially inaugurate “India International Bullion Exchange (IIBX),” the nation’s first global bullion exchange, during his visit.
According to a statement by the IFSC Authority, this exchange would enable effective price discovery with the guarantee of ethical sourcing and quality, in addition to advancing the financialization of gold in India.
The International Financial Services Centers Authority’s new headquarters will also have its cornerstone laid by the prime minister.
Modi will also introduce the NSE IFSC-SGX Connect platform. Under this arrangement, the NSE-IFSC order matching and trading platform will be used for matching all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX). At GIFT-IFSC, the Connect platform will increase derivative market liquidity.
According to reports, the events will be attended by Gujarat Chief Minister Bhupendra Patel, Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad, Union Minister of Home Affairs and Co-operation Amit Shah, and Union Minister of Finance and Corporate Affairs Nirmala Sitharaman.
Image Credits: GettyImage
💫FOLLOW US FOR MORE UPDATES. ❌WE DO NOT HAVE IRRITATING AND SPAMMY NEWSLETTERS. ✅EVERYTHING IS AND WILL BE FREE FOREVER. SEE YOU AGAIN IN YOUR STORIES AND FEED 🙂
This is super news…we r slowly getting stronger and stronger in all departments….Jai hind…
🔥🔥🔥