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 allow traders and jewellers for the first time to directly buy and sell gold on its platform.
Till now, gold could be imported only through government-nominated banks and agencies. This exchange will also facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialization of gold.
The Centre believes the exchange will help establish India as a dominant bullion trading hub in the world. It will also help India influence global bullion prices as a principal consumer, since it is its second-largest importer. India imported $46.14 bn worth of the precious metal in 2021-22.
“India is now standing in line with countries like the US, UK and Singapore from where global finance is given direction. Today, India is one of the largest economies in the world,” said Modi at the launch of the exchange, which is situated in the International Financial Services Centre, Gift City.
The Centre is trying to establish Gift City as an international financial and technology hub on the lines of Singapore.
The PM also launched the NSE IFSC- SG X Connect. Under this system, all orders on Nifty derivatives placed by members of the Singapore Exchange (SGX) will be routed to 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 edge and experience.
Today, India alone has 40% share in real-time digital payments all over the world,” Modi pointed out.