After diamond trade, Gujarati's all set to capture world stock exchanges
Considered to be a pet project of Modi, the Gujarat International Finance Tec-City is envisioned to rival Singapore and Dubai.
Prime Minister Narendra Modi will be inaugurating a sixteen floor International Stock Exchange on January 9 at Gandhinagar in Gujarat. Considered to be a pet project of Modi, the Gujarat International Finance Tec-City is envisioned to rival Singapore and Dubai, reported Economic Times.
The International Stock Exchange will be financed by the Bombay Stock Exchange (BSE) at Gujarat International Finance Tec-City. GIFT will be India's first ever International Financial Services Centre, according to media reports.
Many leading financial institutions, National Stock Exchange and insurance companies will start working from GIFT, to make it a financial hub of the country. GIFT will give a huge impetus for countries corporate sector to raise capital by generating jobs, and accumulating equity from foreign investors via registering on the international exchange.
On the sidelines of the inauguration ceremony, S Ajay Pandey, MD & Group CEO of GIFT Company Ltd, said: “As Vibrant Gujarat Global Summit is about connecting India to the world, it gives us immense pleasure to showcase the IFSC potential of India this year. Our objective is to engage prospective investors and inform them about business opportunities in banking, insurance and capital markets in an IFSC based in India.” He claimed that GIFT IFSC has bagged businesses worth over $1.5 billion.
It will begin to trade single stock and equity index commodities on January 16, later gold, silver, copper, oil and the rupee will be “soon,” traded, added Bombay Stock Exchange Chief Executive Officer Ashishkumar Chauhan. Ninety-six brokerage firms already began functioning from the GIFT, which has been planned by Modi during his tenure as Gujarat chief minister.