New Delhi: Prime Minister Narendra Modi is set visit Gujarat International Finance Tec-City (GIFT City), India's maiden International Financial Services Centre (IFSC), on Friday July 29, 2022.

During his visit, he will  lay the foundation stone of the Headquarters Building of the International Financial Services Centers Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centers (IFSCs) in India.

The IFSCA headquarters building has been conceptualized as an iconic landmark to reflect the GIFT-rising IFSC's position as a premier international financial centre.

The first international bullion exchange in India will be officially opened by the prime minister in GIFT-IFSC. In addition to advancing the financialization of gold in India, IIBX will promote effective price discovery with the assurance of ethical sourcing and quality.

This will empower India to reclaim its rightful position in the world bullion market and provide trustworthy and serve  the global value chain. This affirms the Government of India's commitment to giving India the ability to influence global bullion prices as a major consumer.

NSE IFSC-SGX Connect will also be introduced by the Prime Minister. All orders for NIFTY derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.

The said Connect will increase derivative market liquidity at GIFT-IFSC, attracting more foreign participants and having a favourable effect on the financial ecosystem there.

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