GIFT IFSC Raises $54.2 Billion, Poised to Fuel Viksit Bharat Ambitions

GIFT International Financial Services Centre (IFSC) is solidifying its position as a global banking hub, with recent fund mobilisation highlighting its growing importance in India's development strategy. Banks have raised approximately USD 54.2 billion through the centre following the Reserve Bank of India's decision to open a window for overseas capital raising, with USD 27 billion of that total coming between August 14 and August 31.

Sanjay Kaul, Managing Director and Group CEO of GIFT City, said the fundraising milestone reflects the centre's evolution beyond a regulatory experiment into a credible platform for global financial intermediation. The first phase of development focused on building the regulatory framework and attracting institutions; the current phase is about establishing GIFT IFSC as a recognised node in global finance.

This role is expected to become more critical as India's financing needs expand. Kaul estimates that realising the Viksit Bharat 2047 vision will require USD 10-15 trillion in funding, a scale that demands access to global savings alongside domestic markets. "Unless you have channels, platforms, from where those funds can be mobilised for purposes within the country, it will be a challenge to raise those funds," he said.

GIFT IFSC is designed to serve precisely that function, offering international investors a regulated, stable gateway into Indian assets. Kaul attributed the recent surge in activity to growing global confidence in the ecosystem, underpinned by consistent governance and policy continuity. "Global markets now trust the ecosystem in GIFT IFSC," he noted.

Looking ahead, Kaul envisions GIFT IFSC's ambition extending beyond India's own requirements to facilitating financial flows across the globe. "Financial intermediation for the globe is what GIFT IFSC could move towards in the near future," he said, positioning the centre as a permanent fixture in India's financial architecture.