PM Modi to launch India's first international bullion exchange in Gujarat

Prime Minister Narendra Modi will visit India's first International Financial Services Center (IFSC) at GIFT City Gujarat, near Gandhinagar, on Friday.

The Gujarat government said in a statement that during his visit, Modi will launch the "India International Bullion Exchange (IIBX)," the country's first international bullion exchange.

A statement from the International Financial Services Authority (IFSC) said this exchange will facilitate efficient price discovery while ensuring quality and responsible sourcing, as well as boosting India's gold money.

The Prime Minister will also lay the foundation stone for the headquarters of the International Financial Services Centers Authority.

In addition to that, Modi will launch the NSE IFSC-SGX Connect platform. Under this system, all Nifty Derivatives orders placed by members of the Singapore Exchange Limited (SGX) will be routed to the NSE-IFSC order-matching trading platform.

The Connect platform will deepen liquidity in the derivatives markets at GIFT-IFSC.

The statement said Gujarat Chief Minister Bhupendra Patil, Union Minister for Home Affairs and Cooperation Amit Shah, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, Union Ministers of State for Finance, Pankaj Chaudhry and Bhagwat Kishanrao Karad will attend the events.

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