Gandhinagar / Ahmedabad, 13 July (Hindustan Times). Known as India’s first operational Smart City and India’s Financial Tech City, GIFT City is going to become a platform for international discussion for the first time. The third meeting of Finance and Central Bank Deputy Chiefs is going to be held in Gujarat under the G-20 chairmanship of India. As a part of this meeting, a meeting named Infrastructure Investors Dialogue at GIFT City will be held at GIFT City. Major representatives of G-20 countries, finance ministers and central bank governors will participate in this meeting. It is significant that Gujarat Chief Minister Bhupendra Patel will also attend the event.
GIFT i.e. Gujarat International Finance Tech-City is a multi-service Special Economic Zone with India’s first International Financial Services Center (IFSC), envisaged as an integrated hub for financial and technology services not only for India but for the world Yes, it exists.
Gujarat is in international discussion due to the entry of ‘Gift Nifty’ in Gift City
Just a few days before this meeting, Gujarat has achieved a big achievement at the international level. The Singapore Joint Exchange, popularly known as SGX Nifty, which till recently operated from Singapore, has completely shifted to GIFT City and is now operating out of India’s first International Financial Services Center (IFSC). ) has started.
Significantly, SGX Nifty is based on the Nifty index of the National Stock Exchange of India (NSE) and is the first cross-border initiative linking the capital markets of India and Singapore. With the transfer of GIFT from Singapore Exchange (SGX) to International Exchange of NSE (NSE IX), the index has been renamed as GIFT Nifty.
With the shift to SGX Nifty, trades in denominated contracts worth about $7.5 billion are now being conducted directly from GIFT City in Gujarat. This trade will have a positive impact on foreign financial institutions as well as Indian financial institutions and the Indian economy.
This achievement of Gujarat has not only remained a topic of discussion among the representatives of G-20 countries who visited GIFT City during the G-20 meeting, but it is also good and big for financial trade for both Gujarat and the countries. There is also news.
Gujarat’s Gift City is equipped with technology-based infrastructure
GIFT City has been established and developed according to the vision of Prime Minister Narendra Modi to establish India as a global financial center. Presently, GIFT City houses several leading national and international institutions such as 35 fintech entities in the IFSC area, 2 international stock exchanges, 1 multilateral bank, 1 bullion exchange, 23 international banking units, 63 fund management, 24 aircraft leasing and financing entities, and 64 Ancillary services are available. What’s more, GIFT City currently has an average daily trading volume of $30.6 billion and a cumulative asset size of $36.5 billion.
GIFT City is one of the top priorities of Gujarat Chief Minister Bhupendra Patel. Under the guidance of Prime Minister Narendra Modi and the leadership of Chief Minister Bhupendra Patel, the Government of Gujarat is preparing GIFT City in front of the country and the world as a commercial area with a financial work culture that is at par with or even more than the leading global financial hubs. Can provide a very conducive business ecosystem.
The Gujarat government hopes that these features of the GIFT City will attract them to shift their financial trade activities to Gujarat in the upcoming G-20 meeting. Prime Minister Modi’s brainchild Gift City has become a project of national importance today and as the country is moving towards realizing the dream of becoming a developed nation. It is becoming an integral part of India’s growth story.
