Prime Minister Narendra Modi’s dream project Gujarat International Finance Tec City (GIFT City) has been emerging as power house of financial world, said Gujarat Chief Minister Vijay Rupani.
During the listing ceremony of India’s fourth largest private sector bank Yes Bank's USD 600 million bond issue on Global Security Market at GIFT city Rupani said that PM Modi’s dream to make GIFT hub of commodity exchange, share transactions, derivatives and international stock market is gradually becoming reality.
With financial institutions and banks coming to GIFT, employment opportunities for Gujarat’s youngsters have increased, claimed the Chief Minister, adding that in the Modi Government’s budget for the fiscal 2018-19, various incentives have given to GIFT which would attract financial companies to open their business establishments.
Meanwhile, announcing the listing of Yash Bank’s debut US $ 600 million bond issue under its maiden US $ 1 billion medium-term note bond on country's first international exchange BSE's IndiaINX at the IFSC at GIFT City, the bank’s MD and Chief Executive Officer Rana Kapur termed the development as a landmark moment for the Indian banks to compete with the other global banks. GIFT SEZ has registered business of US $ 20 b sum insured by insurance and has average daily turnover of US $ 400 m for the two exchanges by BSE and NSE. 136 entities are setting up operations in GIFT SEZ providing jobs to over 8000 people.