Modi unveils India’s first Global Bullion Exchange

IAS Current affairs - Modi unveils India’s first Global Bullion Exchange

Modi unveils India’s first global bullion exchange

For Prelims

  • India International Bullion Exchange (IIBX)
  • It is the first of its kind in the country.
  • This has been set up in GIFT city at Gandhinagar, Gujrat.



  • This will allow Investors in India and around the world to trade Nifty contracts listed on the NSE IFSC following global risk-management and clearing standards.
  • The NSE had a licensing agreement with the Singapore Stock Exchange (SGX) for Nifty 50, Nifty Bank and three other equity indices for the trading of derivatives products on these indices on the SG

Gold and India:

  • India is the world’s second biggest consumer of gold.
  • India is a leading importer of the metal and imported 1,069 tonnes of gold in 2021, up from 430 tonnes a year ago.
  • Karnataka is the largest producer of Gold, accounting for about 80% of gold production.
  • Andhra Pradesh is the second-largest producer of Gold.

        Source The Hindu