Prime Minister Narendra Modi laid the foundation stone of the International Financial Services Centers Authority headquarters in Gandhinagar. PM Modi also launched the India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect.
The event is organized by the International Financial Services Centers Authority (IFSCA), under the auspices of the Government of India in partnership with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the UK are partner countries in the first edition of the Forum, the Prime Minister’s office reported in a press release.
The International Financial Services Centers Authority (IFSCA), headquartered in GIFT City, Gandhinagar Gujarat, was established under the International Financial Services Centers Authority Act, 2019. It works as a unified authority for the development and regulation of financial products, financial services and financial institutions at the International Financial Services Center (IFSC) in India. At present, the GIFT IFSC is the first international financial services center in India.
The prime minister said India is now in the company of countries like the US, UK and Singapore, where new trends in the global financial sector are taking shape.
He said India is one of the world’s leading economies and needs to build institutions that can accommodate its current and future roles.
“Today, India aligns with countries like the US, UK and Singapore where new trends in the global financial sector are taking shape. I congratulate the people of the country on this achievement,” said Modi. “India is one of the world’s leading economies and will grow even bigger in the future; we need to build institutions that can cater for our current and future roles,” the Prime Minister said. Modi said India accounts for 40 percent of the world’s real-time digital payments.
Through the GIFT City, India is firmly claiming its place in the international financial services industry, he said.