India's GIFT City bank assets jump as foreign capital hub expands
India's push to build GIFT City into an international financial center is gaining momentum as banking assets in the hub rise sharply in recent months. The increase highlights how stronger credit market activity is supporting the center's competition with Singapore and Hong Kong for foreign capital.
Highlights
- Banking assets in India's GIFT City surged to about $193 billion by end-September from $120.69 billion in June, marking roughly 60% growth.
- GIFT City expands its position as India's international financial hub, intensifying competition for foreign capital with Singapore and Hong Kong.
- Rising banking assets indicate growing activity and credit market expansion as India aims to strengthen cross-border finance and regional banking operations.
Asset growth accelerates in financial hub
As reported by Bloomberg, banking assets held in GIFT City reach about $193 billion at the end of September, according to K. Rajaraman, chairman of the International Financial Services Centres Authority, who speaks in an interview with Bloomberg Television on Thursday.That compares with $120.69 billion as of June, based on data published by the International Financial Services Centres Authority, implying growth of about 60% over the period.
Competition for regional capital intensifies
GIFT City is positioning itself as India's international financial hub and is competing with Singapore and Hong Kong to attract foreign capital. The latest increase in banking assets suggests the center is benefiting from broader expansion in India's credit markets.The rise also points to growing activity within the hub as India seeks to deepen its role in cross-border finance and build an alternative regional base for international banking operations.
In our earlier article on India’s widening merchandise trade deficit, we noted that the September gap expanded to $30.21 billion as imports outpaced exports. We highlighted how elevated crude prices and geopolitical disruptions were pushing up the import bill, even as India pursues export diversification through new and pending trade agreements.
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