Prime Minister Narendra Modi inaugurated the IFSCA Headquarters and launched the NSE-IFSC SGX Connect and the IIBX at GIFT (Gujarat International Finance Tech) City Gandhinagar on July 29, 2022. The Prime Minister, Union Finance Minister Nirmala Sitharaman, and Gujarat Chief Minister Bhupendra Patel addressed the gathering. Moreover, the Finance Minister and Gujarat CM applauded PM Modi for contributing to Gujarat’s development.
PM Modi addressed the gathering and said, “Today’s event symbolises India’s potential growth in finance and technology. It shows the world’s trust in India. As India celebrates Azadi Ka Amrut Mahotsav, India’s modern institutes are making the nation proud. I believe the IFSCA HQ will work as a catalyst to bring financial growth opportunities to India.”
IFSCA is the unified regulator for the developing and regulating financial products, services and institutions in International Financial Services Centres (IFSCs) in India. The Executive Directors of IFSCA, Praveen Trivedi and Deepesh Shah, and the Chairman of IFSCA, Injeti Srinivas, shared the exchange platforms for the MoU proceedings.
PM Modi expressed his gratitude to the Singapore delegation for making things easier. He also said that Ahmedabad, Gandhinagar, and GIFT City, respectively known for their heritage, administration, and commerce, are a trilogy of past, present, and future. Further, he referred to GIFT City as a pathway to retrieving India’s bygone financial wealth and pride.
Simon Wong, High Commissioner of the Republic of Singapore to India, and Lim Twang Lee, Assistant Managing Director, Monetary Authority of Singapore, represented the SGX (Singapore Exchange Limited).
“We have cleared many levels as we launched the IIBX with New Development Bank, three foreign banks, and four international trade financing service platforms. Thus, India stands in line with countries who global finance,” asserted PM Modi.
“GIFT City is a gateway to integrate with the global market and supply chain. When you integrate with GIFT City, you integrate with the world. However, we need institutions to cater to India’s current and upcoming role in the future. IIBX is a step in this direction,” PM Modi asserted.
“Indians have always loved gold. For Indian wealth, it is a source of financial power. IIBX will open new gates for many merchants, especially Indian Jewellers,” said PM Modi.
According to the Prime Minister, India holds 40% of global digital cashless transactions. He also discussed India’s position as a nation moving towards sustainable development. PM Modi also voiced his expectations for GIFT City to become a Pioneer of sustainable development.