Gandhinagar, July 29: Prime Minister NarendraModi on Friday said India is now in the company of select countries like the United States, the United Kingdom and Singapore where new trends in the global financial sector are shaped.
He said after independence India limited itself within its boundaries due to low self-confidence and “slavery” for hundreds of years, but now things are changing and the country is rapidly integrating itself with global markets.
Modi was speaking at a function organised at the Gujarat International Finance Tec (GIFT) City near Gandhinagar after the laying foundation stone for the International Financial Services Centres Authority (IFSCA) and the inauguration of the India International Bullion Exchange (IIBX) and NSC (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd) Connect platform.
Today, India is standing in line with countries like the USA, the UK and Singapore where new trends in the global financial sector are shaped. I congratulate the people of the country for this achievement,” Modi said.
He said India needs institutions which can facilitate its growing role in the world economy.
India is one of the largest economies of the world. So, in the future, when our economy will be bigger than it is today, we have to be ready for it now. For this, we need institutions that can cater to our present and future role in the global economy, Modi said.
Modi said India accounts for 40 per cent of real-time digital payments in the world.
GIFT City is making a strong mark as a hub of commerce and technology. GIFT City celebrates both wealth and wisdom. I am happy to see that through GIFT City, India is moving ahead with a strong stake in the services sector globally, he said.