INDIA SETS UP STOCK EXCHANGE TO RIVAL S’PORE, HK & DUBAI

According to a Bloomberg report, India is dumping serious cash into building a new India International Exchange in Gujarat state’s new finance zone.

The move is aimed at grabbing some of India’s $48 billion worth of offshore banking activities from existing financial centres in Singapore, Dubai and Hong Kong, which have traditionally been the locus of Indian businesses’ financial activities.

The India International Exchange will get Prime Minister Narendra Modi’s blessings on Monday and will start trading single stock and equity index future on 16 Jan.

According to Bombay Stock Exchange Chief Execute Officer Ashishkumar Chauhan, the IIE will add gold, silver, copper, oil and the rupee soon.

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