Gandhinagar, 19 February 2014

Gujarat Chief Minister Narendra Modi while bearing in mind the role of financial sectors of Indian economy made an appeal to the officials of financial institutions, banks and insurance companies of India to develop financial service sector worldwide.

The National Summit on Financial Services was organized under the aegis of Finance Department of Gujarat at Tower-1 of GIFT city here in Gandhinagar today. In this national level conference on financial service sectors, various chairmen, directors and senior officials of banks, insurance companies and finance institutes of India took part.

Mr. Modi said that the financial services have become a unique strength of India’s economic development and to strategize it, there has to be an inclusive bend of our natural capacity, talent, financial skills and intellectuals along with Information Communication Technology (ICT), he outlined.

He stressed upon to develop infrastructural facilities, technologies and human resources in the financial sectors along with the transforming consequences of global economy. Alongside, he also said that the GIFT city projects to become a global hub of high-tech finance services in this modern era.

With reference to the global economy of 21st approach of high-end level upgradation to go the distance in stead of being limited to low-end activity. “Now, instead of conventional development, there is a need to co-ordinate Next Generation Technology, urban city infrastructure and talented skills,” Mr. Modi said.

The chief minister said, “We are having a unique talent in Gems-Jewelry sector, but, it islimited only to the low-end works of diamonds’ polishing and cuttings. Why can’t India make a noticeable high-end impact in tourism sector on the global level? In Information century, Mr. Modi advised to adopt an

Technology sector too, we have made impact only on lower-end works like out-sourcing and BPO at the world level. We have enough intellectual man-power, but, we have to develop a mind-set that should commercialize it for high-end usage.” In these references, Mr Modi made suggestions to “take-on the challenge to provide security cover to financial and service sectors against the rising cyber-crimes.”

The Chief Minister said, “In Gujarat’s development model ‘Job-Creation’ is the main objective. We are giving equal emphasis to human-resources along with infrastructure and technological sectors.”

He also urged to prepare a ‘Talent Pool’ for the financial sector too.The GIFT City project is turning the Gujarat’s business acumen and economic-management from a dream to reality, Mr Modi said.

Pointing out the importance of financial sector’s role in nation-building, Mr Modi said, “During the regime of NDA government as many as nine amendments were made in the financial sector. Such frequent changes in policies can’t fulfill the targeted set-objectives and particularly in 21st century the world economy is making more impact on the Indian economy, in such scenario the sustainable-reforms pertaining to financial, banking and insurance services should be made in the view of the global perception.”

Putting more emphasis on making the financial-social service sector capable of high-tech infrastructure and quality, skill talent, man-power, planning, Mr Modi had invited to be the partners in the GIFT City and GIFT is a necessity of today’s demand of ‘Knowledge Economy’.

Various insurance benefit schemes are prevalent in the many state governments and private-sectors in the country, but, a frame-work is essential that ensures that the benefits of such schemes should be made available to the targeted individual or groups, Mr Modi had emphasized.

Round Table

The opening of this National Summit on Financial Services was started off from Round Table meet under the headship of Chief Minister wherein 12 banks, 13 insurance companies and 17 institutions of finance sectors including as many as 50 chairmen, managing directors along with chief executive officers participated in it. They came up with a range of suggestions to make India a global financial hub.

Mr. Modi welcomed the officials of India’s finance and economic sectors to commence their work in the GIFT CITY which is well equipped with high-tech infrastructure facilities for international financial services.

Gujarat Finance Minister Nitinbhai Patel, Energy Minister Saurabhbhai Patel, chairman of GIFT city Mr. Sudhir Mankad along with senior secretaries of state government were present.

In the beginning, chief secretary to state government Dr. Varesh Sinha while outlining the Round Table meet, national conference and National Summit on Financial Services gave welcome address.

Additonal chief secretary Dr. Hashmukh Adhiya expressed vote of thanks.