PM Modi to visit GIFT International Financial Services Centre on July 29

Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India's maiden International Financial Services Centre (IFSC), on July 29, 2022.

The Prime Minister's Office informed that the Prime Minister, during his visit, will lay the foundation stone of the Headquarters Building of the International Financial Services Centers Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centers (IFSCs) in India.

The headquarters building of IFSCA has been conceptualized as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre.

The Prime Minister will 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, apart from giving impetus to the financialization of gold in India.

This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This 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 Prime Minister will also launch NSE IFSC-SGX Connect. Under this Connect, all orders of 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.

Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the connect. Several other key announcements will also be made during the visit of the Prime Minister.

Notably, Legislative Assembly elections will be held in Gujarat in December 2022 to elect 182 members of the Gujarat Legislative Assembly. In the last elections, Congress was the main challenger and the party put up a good show against the ruling BJP.

This time the BJP will have to face a challenge from the Aam Admi Party and in the wake of the party putting up a stellar show in Punjab, the fight promises to be an interesting one. In the previous elections, the BJP bagged 99 seats in the assembly where the magic number is 92, while the Congress ended up with 77 seats.

The occasion will also be graced by the Chief Minister of Gujarat Bhupendra Patel; Union Minister of Home Affairs and Co-operation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman; Minister of Finance and Energy of the Government of Gujarat Kanubhai Desai; Union Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad.

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