Prime Minister Narendra Modi on Thursday said that India now stands in league of countries such as United States of America (USA), United Kingdom (UK) and Singapore where new trends in global financial sector are shaped. While addressing an event for laying the foundation stone of the Headquarters Building of the International Financial Services Centres Authority in Gandhinagar, PM Modi said that today in the 21st century, finance and technology are linked to each other.
"India is now standing in line with countries like USA, UK and Singapore from where global finance is given direction... Today India is one of the largest economies in the world. Today a record foreign investment is coming to India," PM Modi said.
"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," he pointed out.
"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," PM Modi said.
"International Financial Services Centres Authority (IFSCA) will become an enabler, it will support innovation and also become a catalyst for growth opportunities," he said in Gujarat International Finance Tec-City (GIFT City).
PM Modi also said that through GIFT City, India is laying strong claim in international financial services sector.
During his Gandhinagar visit, PM Modi also launched the India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect. "India is one of world's leading economies and will grow bigger. We should build institutions that can cater to our present and future roles," the Prime Minister said.
PM Modi said that India accounts for 40 per cent share in real time digital payments in world and we are sector leader.
The India International Bullion Exchange (IIBX) will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India, a statement by the IFSC Authority said.
Under the NSE IFSC-SGX Connect platform system, 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.