Sanjay Kaul, GIFT City's Managing Director and Group CEO, said the centre is becoming an important link between international capital and India's investment needs. Its growing banking role supports Viksit Bharat 2047, the government's ambition to turn India into a developed country by 2047.

The overseas fundraising followed an RBI window that enabled banks to access foreign capital. Roughly $27 billion, or close to half the total, came in between August 14 and August 31. The supplied report does not specify the year for this fundraising period.

Kaul described a change in priorities. The early work involved building the regulatory framework and attracting banks; the next phase is about connecting overseas savers with borrowers and investment projects. GIFT IFSC aims to make that movement of money easier and establish itself as an international financial intermediary.

The funding requirement for India's developed-nation ambition is estimated at $10 trillion to $15 trillion. Domestic lenders and capital markets cannot meet the entire requirement on their own. Beyond serving India, GIFT City's longer-term aim is to support financing between other countries, widening its role in global financial flows.