Indian Prime Minister Narendra Modi on Friday said the India International Bullion Exchange (IIBX), launched by him in GIFT City at Gandhinagar, Gujarat, would help India set the trend for gold price across the world, Trend reports citing The Tribune.
“Gold has been playing a major role in the economic empowerment of women in the country. It has been an integral part of our society and culture. This is one of the major reasons for India’s reputation as a huge market for gold and silver. Time has come for India to become a market-maker of gold,” the PM said.
The exchange would help Indian businesses dealing in gold expand their operations. It would open up new opportunities for them, the Prime Minister said, adding it would enable Indian businessmen to purchase bullion directly in a transparent manner and facilitate efficient price discovery.
The PM said India was already one of the largest economies of the world and it was going to grow further. India needed institutions that could cater to its present and future role in the global economy. The IIBX was also a step in that direction, he said.
The PM also laid the foundation stone of the headquarter building of the International Financial Services Centres Authority (IFSCA) in GIFT City.