Prime Minister Narendra Modi on Friday said India is now in the company of countries like the US, the UK and Singapore where new trends in the global financial sector are shaped. He added that India is one of the world’s leading economies and should build institutions that can cater to its present and future roles.
“Today in the 21st century, finance and technology are linked to each other. And, when it comes to technology, science and software, India has an edge and experience. Today India alone has 40 per cent share in real-time digital payments all over the world," the prime minister said.
Modi was speaking at a function at the Gujarat International Finance Tech (GIFT) City near Gandhinagar after the laying foundation stone for the International Financial Services Centres Authority (IFSCA) and inaugurating the India International Bullion Exchange (IIBC) and NSC (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd) Connect platform.
He said that in the past eight years, the country has witnessed a new wave of financial inclusion. Even the poorest of the poor are joining formal financial institutions. Today, when a large population has joined finance, it’s the need of the hour that govt organisations and private players move together.
Today, India is standing in line with countries like the USA, UK and Singapore where new trends in the global financial sector are shaped. I congratulate people of the country for this achievement," Modi said. India is one of the world’s leading economies and will grow even bigger going forward; we should build institutions that can cater to our present and future roles, the prime minister said.
Through the GIFT City, India is laying strong claim for its place in the international financial services sector, he said.
He also said that in 2008, there was a global 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’m glad that idea has progressed so far today."
In order to bring tranparency to the bullion market, the government on Friday launched its first international bullion exchange, India International Bullion Exchange (IIBX). Based at Gujarat International Finance Tec-City, or GIFT City in Gujarat, the Exchanage could lead to standard gold pricing in India and make it easier for small bullion dealers and jewellers to trade.
Finance Minister Nirmala Sitharaman said, “We would have better price negotiation strength with the launch of this bullion exchange."
India, the world’s second biggest consumer of the precious metal, imported 1,069 tonnes of gold in 2021, up from 430 tonnes a year ago.
(With inputs from agencies)
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