Indian Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India’s maiden International Financial Services Centre (IFSC), on Friday. Bhupendra Patel, Chief Minister of Gujarat, Amit Shah, Union Minister of Home Affairs and Cooperation, Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, Union Ministers of State for Finance Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad will also be present at the event.
During his visit, the PM will lay the foundation stone of the Headquarters Building of the International Financial Services Centres Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres (IFSCs) in India. He will further launch India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC. IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality and serve the global value chain.
The PM will also launch NSE IFSC-SGX Connect. Under this Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform. The said Connect 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. Several other key announcements are also expected during the visit.