Modi In Gujarat: PM To Inaugurate Projects Worth Over Rs 1,000 Cr, Will Visit India's First International Financial Services Centre

Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City and inaugurate and lay the foundation stone of multiple projects worth more than Rs. 1,000 crores today.

New Delhi: Prime Minister Narendra Modi will inaugurate several development projects worth more than Rs. 1,000 crores in his home state Gujarat on Thursday. He is also slated to visit India's maiden International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) on Friday.

PM Modi To Inaugurate Multiple Projects

The Prime Minister will visit Sabar Dairy today and inaugurate and lay the foundation stone of multiple projects worth more than Rs. 1,000 crores. 

"A key focus of the government has been boosting the rural economy and making agriculture and allied activities more productive. In yet another step in this direction, Prime Minister will visit Sabar Dairy, and inaugurate and lay the foundation stone of multiple projects worth more than Rs. 1,000 crores on 28th July. These projects will empower local farmers and milk producers and increase their income. This will also give a boost to the rural economy in the region," the Prime Minister's Office (PMO) informed.

PM Modi will inaugurate the Powder Plant at Sabar Dairy with a capacity of around 120 metric tonnes per day (MTPD).  The total cost of the entire project is more than Rs. 300 crores. The layout of the plant meets global food safety standards. "It is highly energy efficient with almost zero emission. The plant is equipped with the latest and fully automated bulk packing line," PMO stated

He will also inaugurate the Aseptic Milk Packaging Plant at Sabar Dairy. It is a state-of-the-art plant having a capacity of 3 Lakh Litre per day. The project has been executed with a total investment of around Rs. 125 crores. The plant has the latest automation system with highly energy efficient and environment-friendly technology. The project will help ensure better remuneration for milk producers.

Prime Minister will also lay the foundation stone of the Sabar Cheese & Whey Drying Plant Project. The estimated outlay of the project is around Rs. 600 crores. The Plant will manufacture Cheddar Cheese (20 MTPD), Mozzarella Cheese (10 MTPD) and Processed Cheese (16 MTPD). Whey generated during the manufacturing of cheese shall also be dried at Whey Drying Plant, having a capacity of 40 MTPD.

Sabar Dairy is a part of Gujarat Cooperative Milk Marketing Federation (GCMMF), which makes and markets a whole range of milk and milk products under the Amul brand.

PM Modi Will Visit India's First International Financial Services Centre 'GIFT City'

On Friday, at around 10 AM, Prime Minister will attend the 42nd Convocation of Anna University. Thereafter he will travel to Gandhinagar to visit GIFT City, where he will launch and lay the foundation stone of various projects at around 4 PM. 

Gujarat Chief Minister Bhupendra Patel, Union Finance Minister Nirmala Sitharaman, Gujarat Finance Minister Kanubhai Desai, Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad will also be present at the GIFT City event, news agency ANI reported.

PM Modi will lay the foundation stone of the IFSCA Headquarters building. He will also launch the India International Bullion Exchange (IIBX) and NSE IFSC-SGX Connect. He will oversee announcements regarding several milestones related to GIFT-IFSC, instituted under the regulatory initiatives of IFSCA. These milestones include the exchange of Memorandum of Understanding (MoU) by IFSCA with regulatory authorities in Sweden, Luxembourg, Qatar, and Singapore, to strengthen inter-regulatory cooperation. In addition, an MoU with the Department of Space, ANI reported citing to IFSC Authority. Furthermore, an MoU with the Department of Space, Government of India will be exchanged to explore possibilities of convergence between FinTech and SpaceTech.

More About IIBX, NSE IFSC-SGX Connect

As per the PMO, 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. "It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. IIBX also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer," the office stated.

Prime Minister Modi will also launch NSE IFSC-SGX Connect. It is a framework between NSE's subsidiary in GIFT International Financial Services Centre (IFSC) and Singapore Exchange Limited (SGX). Under Connect, all orders on NIFTY derivatives placed by members of the Singapore Exchange will be routed to and matched on the NSE-IFSC order matching and trading platform.

"Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect.  It 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," PMO mentioned.

(With Agency Inputs)