Dr. Syama Prasad Mookerjee Research Foundation

Salient Points of PM Modi’s address at the Inauguration of the India International Exchange at GIFT city, Gandhinagar on 09 Jan, 2017

  • I am delighted to be here at Gift City to inaugurate India’s first international stock exchange, that is, the India International Exchange. Indeed, it is a momentous occasion for India’s financial sector
  • As you are aware, this project took shape in the year 2007. The vision was to create a world class Finance and IT zone for India, to provide services not only to India but the entire world.
  • In those days, as now, wherever I went, I would meet some of the top financial brains of those countries. Whether in New York, London, Singapore, Hong Kong or Abu Dhabi, I would find many of them to be of Indian origin. I was impressed by their understanding of the financial world, and also their contributions to their adopted countries.
  • India invented the concept of ‘zero’ and the ‘decimal system’ more than two thousand years ago. It is no accident that Indians are now at the forefront of Information Technology and Finance, both areas of knowledge where zero plays a crucial role!
  • When the Gift city was conceptualised, I was Chief Minister of Gujarat.
  • I deliberated a lot with experts about how to make India, a thought leader, in the field of Finance.
  • Gift city was born out of this vision. Our aim was to provide world class facilities to India’s world class talent in finance and technology. Today, with the inauguration of this Exchange, we have reached an important landmark in achieving that vision.
  • Today, I am delighted to be here to inaugurate the new India International Exchange. 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 equity, commodities, currencies and interest rate 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 companies from Asia, Africa and Europe should be able to raise funds from this important International Finance Centre.
  • This exchange is set to be among the fastest exchanges in the world with most modern trading, clearing and settlement systems. India is in an excellent time-zone between West and East. It can provide financial services through the day and night to the entire world.
  • The exchange, I am told, will work twenty two hours a day, starting when the Japanese markets start, and closing when US markets close.
  • I am sure, this exchange will set new standards for quality of service and speed of transactions across time zones.
  • This exchange is part of the International Financial Services Centre, – IFSC – at Gift city. The concept of an International Financial Services Centre is simple but powerful.
  • Gift City IFSC will be able to provide facilities and regulations comparable to any other leading international finance centres in the world.
  • Creating an offshore-like centre within a large country like India, therefore did pose regulatory challenges. I am glad that the Ministry of Finance, the Reserve Bank and SEBI have found solutions to the regulatory issues.
  • India needs to create thirty crore new jobs over the next twenty years. It is a huge endeavour. Skilled and well-paying jobs in the service sector will have to be part of this job revolution. Indian youth can do it.
  • You are aware of the importance I attach to the development of smart cities. Gift city is the first ground up truly smart city in the country.
  • I have said before that India can become a developed country in one generation. New cities will be important in creating the new India of our dreams:
    – a confident India
    – a prosperous India
    – an inclusive India
    – our India.