Prime Minister Narendra Modi on Monday put India on the global capital markets’ map as he inaugurated the country’s first international stock exchange named India International Exchange here at the Gujarat International Finance Tec-city (GIFT) in Gandhinagar
“India is in excellent time zone and this will enable trading at IndiaInx 22 hours a day starting when the Japanese markets start and closing when the US markets close,” Modi said after inaugurating the exchange. Terming the event “momentous”, Modi pointed out that the world class facilities at Gift City-touted as India’s first smart city with next-in-class infrastructure-will be for world class talent in finance and technology at IndiaInx.
IndiaInx under the Bombay Stock Exchange will be one of the fastest exchanges in the world trading in currencies, equities, commodities, derivatives, and even masala bonds in near future. India International Exchange will function just like the other exchanges in the world such as Singapore, Hong Kong, london and New York.
Modi said India needs to creat 30 crore jobs in the next 20 years even as BSE chairman Sudhakar Rao said the IndiaInx has associated with the Skill India Mission and will skill 20,000 yoiuth in next 5 years.
Modi was gifted the key of the Gift City, which was his brainchild during his tenure as the Gujarat Chief Minister.
Spread over more than 3.5 km of area, the under construction GIFT City aims to achieve the highest standards of efficiency in terms of energy, waste management, quality of space and material efficiency.
GIFT City is equipped with some of the latest technology known to man. From the latest public transport, to automated waste collection to an efficient district cooling system, GIFT City has the best amenities available for its residents. Integrated urban transport systems will ensure you are never too far from any destination. The SEZ boasts of long green-belts and play areas as well as multi-level parking and a centralised security system.GIFT would provide 500,000 direct and an equal number of indirect jobs which would require 5.76 million square meter of real estate office and residential space, an official said.