PM Modi says India needs to create 30 crore jobs

Visiting British Secretary Boris Johnson called on Prime Minister Narendra Modi.

Gandhinagar, Jan 10 : Prime Minister Narendra Modi today flagged off a string of events here, opening the India International Exchange (India INX) at the GIFT City’s International Financial Centre (IFSC), laying the foundation stone of the country’s first five star, three tower hotel over a railway station, complete with a helipad.

Mr Modi inaugurated the five-day global trade show with over 200 companies participating and then rounded it up by holding a roundtable with nine Nobel Laureates, after launching a Nobel Prize Series Exhibition. Tomorrow, he would kickstart the Vibrant Gujarat Global Investors’ Summit 2017, in which heads and representatives of governments of over 20 countries will be present, besides business heads, captains of various industries and Union Ministers.

The eighth edition of the biennial event will be marked by the Prime Minister’s interaction, with over 60 global and Indian CEOs over a roundtable meeting on Tuesday in which finance minister Arun Jaitley will also remain present.

Earlier Mr Modi, who arrived in Ahmedabad this afternoon speaking at the India INX, said that the facility will mark the onset of a new era in the country’s financial sector by facilitating trading in commodities, equities, masala bonds etc since it would be catering to both the eastern and the western markets. He declared the Indian INX open by striking the gong at the Bombay Stock Exchange(BSE)-promoted global exchange at GIFT City.

Speaking on the occasion Modi said that the country would need to create 30 crore jobs over the next three years. “A job revolution is the need of the hour and I expect GIFT city to create lakhs of such opportunities over the next ten years”, he added.

Mr Modi emphasised that India possessed the potential of becoming a developed nation in a single generation and hoped that GIFT city would emerge as one of the largest IFSCs through provision of world class facilities and by providing exceptional talent. ‘That’s how we can set standards across time zones,’ he added.

The Prime Minister said GIFT city was conceptualised in 2007 to attract the global financial talents, bulk of them of Indian origin to enable transacting with global markets.

‘Financial technologies are the hub, on which India’s development will rotate,’ he added. India INX, which is a wholly-owned subsidiary of Asia’s first stock exchange BSE, will offer derivative trading in commodities, equities, currency and interest rates, at par with other global financial hubs. As per the new guidelines framed for the IFSC in India, GIFT-IFSC offers tax breaks to the units investing in GIFT City. BSE, he said, through the India INX, plans to invest about Rs 500 crore over the next 3-4 years.