Global bullion exchange in Gujarat to help influence rate – The New Indian Express

0

By Express press service

GANDHINAGAR: Prime Minister Narendra Modi on Friday launched the India International Bullion Exchange (IIBX), the country’s first such exchange near Gandhinagar. The exchange will for the first time allow traders and jewelers to directly buy and sell gold on its platform.

Until now, gold could only be imported through government-appointed banks and agencies. This exchange will also facilitate efficient price discovery with the assurance of responsible sourcing and quality, in addition to giving impetus to the financialization of gold.

The Center believes that the exchange will help make India a dominant bullion trading hub in the world. This will also help India to influence global bullion prices as the main consumer, since it is its second largest importer. India imported $46.14 billion worth of precious metal in 2021-22.

“India is now aligned with countries like the US, UK and Singapore from which global finance is directed. Today, India is one of the largest economies in the world,” Modi said at the launch of the exchange, which is located in the International Financial Services Center, Gift City.

The Center is trying to make Gift City an international financial and technological center on the model of Singapore.

The PM also launched the NSE IFSC-SG X Connect. Under this system, all Nifty derivatives orders placed by members of the Singapore Stock Exchange (SGX) will be routed and matched on the NSE-IFSC order matching and trading platform.

“In the 21st century, finance and technology are linked. In technology, science and software, India has an advantage and experience.

Today, India alone holds 40% share of real-time digital payments worldwide,” Modi pointed out.

GANDHINAGAR: Prime Minister Narendra Modi on Friday launched the India International Bullion Exchange (IIBX), the country’s first such exchange near Gandhinagar. The exchange will for the first time allow traders and jewelers to directly buy and sell gold on its platform. Until now, gold could only be imported through government-appointed banks and agencies. This exchange will also facilitate efficient price discovery with the assurance of responsible sourcing and quality, in addition to giving impetus to the financialization of gold. The Center believes that the exchange will help make India a dominant bullion trading hub in the world. This will also help India to influence global bullion prices as the main consumer, since it is its second largest importer. India imported $46.14 billion worth of precious metal in 2021-22. “India is now aligned with countries like the US, UK and Singapore from which global finance is directed. Today, India is one of the largest economies in the world,” Modi said at the launch of the exchange, which is located in the International Financial Services Center, Gift City. The Center is trying to make Gift City an international financial and technological center on the model of Singapore. The PM also launched the NSE IFSC-SG X Connect. Under this system, all Nifty derivatives orders placed by members of the Singapore Stock Exchange (SGX) will be routed and matched on the NSE-IFSC order matching and trading platform. “In the 21st century, finance and technology are linked. In technology, science and software, India has an advantage and experience. Today, India alone holds 40% share of real-time digital payments worldwide,” Modi pointed out.

Share.

About Author

Comments are closed.