The story so far: In a major milestone for his dream project, the Gujarat International Finance Tec-City (GIFT), Prime Minister Narendra Modi on July 29 launched the India International Bullion Exchange (IIBX) – the nation’s first such exchange. The Exchange will be constructed in the heart of GIFT city – an international financial services hub conceptualised by Mr. Modi in 2008.
Highlighting India’s first ‘IT services hub’ — the Gujarat International Finance Tec-City (GIFT) city — Mr. Modi said that with the launch of the International Financial Services Centres Authority (IFSCA), India had joined the league of global financial centres like the United States, the United Kingdom and Singapore.
Stating that IFSCA will enable innovation in the financial services sector, he said , “Today, India alone has a 40 per cent share in real-time digital payments all over the world”. He also said that the various measures taken by his government on Foreign Direct Investment (FDI) policy had resulted in India receiving its highest-ever FDI inflow of ₹6,31,050 crore in the financial year 2021-22.
