Gujarat’s IFSCA (International Financial Services Centres Authority) Headquarters Building will officially break ground thanks to Prime Minister Narendra Modi. IFSCA is the centralised regulatory body in India’s international financial services centres for the creation and supervision of financial products, financial services, and financial institutions.
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- As a symbol of the expanding importance and stature of Gujarat International Finance Tec, GIFT as a preeminent international financial centre, the IFSCA headquarters building was designed as an iconic landmark.
- The Prime Minister will open India’s first international bullion exchange in GIFT-IFSC, the India International Bullion Exchange.
Importance of IFSCA:
- To accelerate the financialization of gold in India, this will enable effective price discovery with the certainty of ethical sourcing and quality.
- This will enable India to reclaim its proper position in the world bullion market and provide trustworthy and high-quality services to the global value chain.
- This will also reaffirm the federal government’s commitment to allowing India, as a major consumer, to have a say in the direction of world bullion prices.