Modi inaugurates International Exchange in Gujarat, says will work for 22 hours

This is PM Modi's dream project, which was envisaged in the year 2007.

"The vision was to create a world class Finance and IT zone for India, to provide services not only to India but the entire world," PM Modi said.

"When the Gift city was conceptualised, I was Chief Minister of Gujarat. Technological progress had accelerated manifold. We had world class talent of Indian origin working in India and abroad," he said.

Modi said, "India had a leadership position in Information Technology. Finance was being increasingly married to technology. It was becoming very clear to us that finance combined with technology, or “fintech” as it is sometimes called, would be an important part of India’s future development."

This international exchange will trade in equity, commodities, currencies and interest rate derivatives in the first phase.

Later, it will trade equity instruments of Indian and foreign companies.

"I am told Masala bonds will also be available for trading here. Many more companies from Asia, Africa and Europe should be able to raise funds from this important International Finance Centre. This exchange is set to be among the fastest exchanges in the world with most modern trading, clearing and settlement systems. India is in an excellent time-zone between West and East. It can provide financial services through the day and night to the entire world," said he.

"The exchange, I am told, will work twenty two hours a day, starting when the Japanese markets start, and closing when US markets close. I am sure, this exchange will set new standards for quality of service and speed of transactions across time zones," he said.

This exchange is part of the International Financial Services Centre, - IFSC - at Gift city.

Modi said the concept of an International Financial Services Centre is simple but powerful.

"It aims to provide onshore talent with an offshore technological and regulatory framework. This is to enable Indian firms to compete on an equal footing with offshore financial centres. Gift City IFSC will be able to provide facilities and regulations comparable to any other leading international finance centres in the world," he said.