Describing the inauguration of India’s first international exchange at GIFT City in Gujarat as an “important milestone”, Prime Minister Narendra Modi said on Monday that in 10 years time he would like to see GIFT City “become the price setter for at least a few of the largest traded instruments of the world”, be it commodities, currencies or equities. “I am delighted to inaugurate the new India International Exchange (India INX). It is an important milestone not just for GIFT City, but for India in creating 21st century infrastructure. I am told this exchange will trade in equities, commodities and interest derivatives in the first phase.
Later, it will trade equity instruments of Indian and foreign companies, I am told masala bonds will also be available for trading here. Many more countries from Asia, Africa and Europe should be able to raise funds from this important IFSC (International Financial Services Centre),” said Modi after inaugurating BSE’s international bourse by striking an electronic gong before a selected audience in state capital, Gandhinagar.
Narrating how he had invited BSE during a book launch event in 2013, and a Memorandum of Understanding (MoU) was signed at Vibrant Gujarat summit in 2015, Modi said, “I deliberated a lot with experts of how to make India a thought leader in the field of finance. It was clear that we would need to have the best facilities and ability to transact in all markets of the world. GIFT City was born out of this vision. Our aim was to provide world class facilities to India’s talent in finance and technologies.”
Emphasizing that the new exchange was a “part” of the IFSC at GIFT City a project he conceived in 2007 as the chief minister of Gujarat, Modi while delivering most of his 15-minute-long speech in English said, “My vision for GIFT City is larger. In 10 years from now, GIFT City should become the price-setter for at least few of the largest traded instruments of the world; whether it is commodities, currencies, equities or interest rates or any other financial instrument.”
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BSE’s new bourse, India INX is one of the world’s most advanced technology platforms with a turn-around time of four micro seconds. It will operate for 22 hours a day to allow international investors and nonresident Indians to trade from anywhere across the globe.