PM opens International Exchange in Guj
|Source: The Hitavada Date: 10 Jan 2017 08:30:29|
The exchange will offer derivative trading in commodities, equities, currency and interest rates at par with other global financial hubs Modi lays stone for country’s first five-star, three-tower hotel over a railway station with a helipadTo inaugurate Vibrant Gujarat Global Summit today n By R K Misra
PRIME Minister Narendra Modi on Monday flagged off a string of events here opening the India International Exchange (India INX) at the GIFT City’s International Financial Centre (IFSC), laying the foundation stone of the country’s first five star, three tower hotel over a railway station complete with a helipad, then inaugurated a five-day long global trade show with over 200 companies participating and then rounded it up holding a roundtable with nine Nobel Laureates after launching a Nobel Prize Series Exhibition.
India INX, is a wholly owned subsidiary of BSE, which will offer derivative trading in commodities, equities, currency and interest rates at par with other global financial hubs.
As per the new guidelines framed for the IFSC in India, GIFT-IFSC offers tax breaks to the units investing in GIFT City. BSE, through the India INX, plans to invest about Rs 500 crore over the next 3-4 years.
Modi will inaugurate his show piece baby, the Vibrant Gujarat Global Summit 2017 on Tuesday in which heads and representatives of governments of over 20 countries will be present besides business heads, captains of industry and Union Ministers.
The eighth edition of the biennial event will be marked by the Prime Minister’s interaction with over 60 global and Indian CEOs over a roundtable meeting on Tuesday in which Finance Minister Arun Jaitley will also remain present.
Speaking at the India INX, Modi said that the facility will mark the onset of a new era in the country’ financial sector by facilitating trading in commodities, equities, masala bonds etc since it would be catering to both the eastern and the western markets.
He declared Indian INX open by striking the gong at the Bombay Stock Exchange (BSE)-promoted global exchange at GIFT City. Speaking on the occasion, Modi said that the country would need to create 30 crore jobs over the next three years. “A job revolution is the need of the hour and I expect GIFT city to create lakhs of such opportunities over the next ten years”, he added.
Modi emphasized that India possessed the potential of becoming a developed nation in a single generation and hoped that GIFT city would emerge as one of the largest IFSCs through provision of world class facilities and by providing exceptional talent. “That’s how we can set standards across time zones”, he added.
The Prime Minister also laid the foundation stone of a Rs 250 crore five star hotel-cum-railway station over the railway track at Gandhinagar. The 300 room hotel will be the first one of it’s kind in three towers with six, eight and ten floors.
A joint venture of the Central and State Government, the hotel-cum-railway station is being constructed by a company named ‘Garud’.
The Government is promoting construction of hotels and shopping malls on railway stations as part of its plan to modernize the railways. The railways are attracting the highest foreign direct investment”, he said.
The redeveloped Gandhinagar station will be part of a business hub in which a helipad would also be developed to make it at thriving global business hub. Over 400 such stations would be developed in the country including 21 in Gujarat and the stations will be connected to ports.
“Many countries move 70 per cent of their goods traffic through railway, we do only 15 per cent so there is immense scope for improvement. Light weight containers for carrying salt will soon be a reality in India”, he said.