Prime Minister Narendra Modi will visit India’s first International Financial Services Centre (IFSC) in Gujarat International Financial Technology City (GIFT City) near Gandhinagar on Friday.

In a release, the Gujarat government said: During the visit, Modi will launch the India International Bullion Exchange (IIBX), the first international bullion exchange in the country.

IFSC Authority stated that in addition to facilitating the financialisation of gold in India, such an exchange would facilitate efficient price discovery while guaranteeing responsible sourcing and quality.

The Prime Minister will also lay the foundation stone for the headquarters building of the International Financial Services Centre Authority.

In addition to this, Modi will also launch the NSE IFSC-SGX Connect platform. Under the system, all Nifty derivatives orders placed by Singapore Exchange Limited (SGX) members will be sent to and matched on the NSE-IFSC order matching and trading platform. The Connect platform will deepen liquidity in the GIFT-IFSC derivatives market.

According to the press release, Gujarat Chief Minister Bhupendra Patel, Union Minister for Home Affairs and Cooperation Amit Shah, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, Union Finance Minister for State Pankaj Chaudhary and Bhagwat Kishanrao Karad will be present at the event.