PM Modi launches India’s 1st IFSC in Gujarat, fueling dream of ‘economic superpower’.

Prime Minister Narendra Modi on Friday visited Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Center (IFSC), in Gandhinagar and laid the foundation for the International Financial Services Centers Authority (IFSCA). The IFSCA will be the single regulator for the development and regulation of financial products, services and institutions in IFSCs.

At the event, PM Modi said: “Today, the cornerstone of the International Financial Services Centers Authority – IFSCA Headquarters Building – was laid in GIFT City. I believe as great as this building is in its architecture, it will also create unlimited opportunities to make India an economic superpower.”

He said that India is aligned with countries like the United States, the United Kingdom and Singapore in leading the way in global finance. “Today, India is one of the largest economies in the world. Record foreign investment is coming to India today. On this occasion, I offer many congratulations to you all and all compatriots,” he said.

The Prime Minister said that when a global economic crisis and recession hit in 2008, Gujarat took new and big steps in fintech. “I am glad that this idea has progressed so far today.”

He said GIFT City has a strong profile as a commercial and technology hub. “GIFT City celebrates both wealth and wisdom. I am also pleased to see India moving forward through GIFT City with strong participation in the global service sector,” he said.

“The aspirations of the country’s common man are linked to the vision of GIFT City. Vision of India’s future is linked to GIFT City, dreams of India’s golden past are also linked,” he added.

“India has a 40% share of real-time digital payments globally”: PM Modi

He said that finance and technology are linked in the 21st century. “And when it comes to technology, science and software, India has a head start and experience,” said PM Modi, informing that India alone has a 40% share of real-time digital payments around the world.

He also reiterated that India is one of the largest economies in the world. “We are aiming for a future where our economy will be bigger than it is today,” said the Prime Minister.

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