GANDHINAGAR: Prime Minister Narendra Modi on Friday said India is now in company of countries such as the USA, UK and Singapore where new trends in the global financial sector are shaped.
He said India is one of the world's leading economies and should build institutions that can cater to its present and future roles.
Modi was speaking at a function at the Gujarat International Finance Tech (GIFT) City near Gandhinagar after the laying foundation stone for the International Financial Services Centres Authority (IFSCA) and inaugurating the India International Bullion Exchange (IIBC) and NSC (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd) Connect platform.
"Today, India is standing in line with countries like the USA, UK and Singapore where new trends in the global financial sector are shaped. I congratulate people of the country for this achievement," Modi said.
The Prime Minister said: “Today, finance and technology are linked to each other. And when it comes to technology, science, and software, India has an edge and experience. Today, India alone has 40% share in real-time digital payments all over the world”
“India is now standing in line with countries like US, UK, and Singapore from where global finance is given direction. Today, India is one of the largest economies in the world. Today, a record foreign investment is coming to India, Through GIFT City, India is laying a strong claim in the international financial services sector,” Modi said.
“In the last eight years, the country has witnessed a new wave of financial inclusion. Even the poorest of the poor are joining formal financial institutions. The government organizations and private players should now move together as that is the need of the hour,” the PM said.
India is one of the world's leading economies and will grow even bigger going forward; we should build institutions that can cater to our present and future roles, the Prime Minister said. He further said that India accounts for 40 per cent of real time digital payments in the world.
Through the GIFT City, India is laying strong claim for its place in the international financial services sector, he said.