Gandhinagar, Jan 10:  Prime Minister Narendra Modi on Monday inaugurated India's first international exchange -- India INX -- at the International Financial Service Centre (IFSC) of GIFT City here, saying it will enable Indian firms to compete on equal footing with offshore firms.

A subsidiary of Bombay Stock Exchange, India INX is one of the world's most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.

INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks.

It plans to offer depository receipts and bonds later.

Modi, after opening the exchange by sounding the virtual gong, termed it as a "momentous occasion for Indian financial sector".

"My vision for Gift City is larger. In next 10 years from now, I see Gift City becoming a price-setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rate derivatives or any other financial instruments," Modi said.

"I am sure the exchange will set new standards for quality of service and speed of transactions across time zone," the Prime Minister said.

"This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework," he said.

"This has been done with a view to enable Indian firms to compete on an equal footing with offshore financial centres," Modi said