Gandhinagar: Prime Minister Narendra Modi, on Monday, said the newly-opened India International Exchange (India INX) here is expected to herald a new era in the country’s financial sector by facilitating trading in equities, commodities, and masala bonds, among others, by catering to both eastern and western markets.
Soft-starting the Vibrant Gujarat Global Summit 2017, he declared open India INX by ringing the gong at the BSE-promoted global exchange at GIFT City’s International Financial Services Centre (IFSC), and said India would need to create 30 crore new jobs in the next 30 years.
“A job revolution is necessary. Over the next 10 years, I expect GIFT City to create lakhs of new jobs. It could also become the ground for all proposed Smart Cities to learn from.” Stating that India could become a developed nation in a single generation, Modi expressed the hope that GIFT City could emerge as one of the largest IFSCs by providing world-class facilities and talent in financial sector. “This will set new standards across time zones.”
Modi said GIFT City was conceptualised in 2007 to attract global financial talent, many of whom are of Indian origin, and start transactions with global markets. Financial technologies could play a crucial role in India’s development.
Chief Minister Vijay Rupani said Indian market players, particularly Gujaratis, no longer need to keep offices abroad as India INX will provide them all the facilities at very competitive costs.
BSE Chairman Sudhakar Rao said India INX would be a game-changer in India’s financial sector. It will support the government’s Skill India Campaign by training 20,000 youths in the financial sector. It will also adopt best global financial practices and eco-system.
India INX would offer derivatives trading in commodities, equities, currency and interest rates at par with other global financial hubs. It will commence operations from January 16 after securing regulatory approvals for trading in international securities.
India INX is a wholly-owned subsidiary of Asia’s first stock exchange, BSE, which, in the second phase would offer depository receipts and bonds trading.
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