Prime Minister Narendra Modi on Friday said India is now in the company of countries like the USA, UK, and Singapore where new trends in the global financial sector are shaped.

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He said India is one of the world's leading economies and should build institutions that can cater to its present and future roles.

Modi was speaking at a function at the Gujarat International Finance Tech (GIFT) City near Gandhinagar after the laying foundation stone for the International Financial Services Centres Authority (IFSCA) and inaugurating the India International Bullion Exchange (IIBC) and NSC (National Stock Exchange) IFSC (International Financial Service Centre) and SGX (Singapore Exchange Ltd) Connect platform.

Today, India is standing in line with countries like the USA, UK and Singapore where new trends in the global financial sector are shaped. I congratulate people of the country for this achievement," Modi said.

India is one of the world's leading economies and will grow even bigger going forward; we should build institutions that can cater to our present and future roles, the Prime Minister said.

Modi said India accounts for 40 per cent of real time digital payments in the world.

Through the GIFT City, India is laying strong claim for its place in the international financial services sector, he said.