India accounts for 40% of global digital payments: PM Modi at the launch of country's first bullion exchange in Gujarat

New Delhi: "India accounts for 40 percent of total global digital payments in the world," PM Narendra Modi said as he inaugurated India's first international bullion exchange at GIFT City in Gujarat on Friday.

"India is now standing in line with countries like USA, UK and Singapore from where global finance is given direction. Today India is one of the largest economies in the world and a record foreign investment is coming to India," he added.

GIFT City is an integrated financial and technology services hub for India and the world. https://t.co/I5arK3N000

— Narendra Modi (@narendramodi) July 29, 2022

The Gujarat International Finance Tec-City (GIFT City) is located in Gandhinagar and is India's first International Financial Services Centre.

This exchange will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India, a statement by the IFSC Authority said.

The PM also laid the foundation stone for the headquarters building of the International Financial Services Centres Authority.

Apart from that, PM also launched NSE IFSC-SGX Connect platform.

Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.

With inputs from agencies

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