IBEF GIFT SPV 3 Fund

Fund Snapshot

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According to IFSCA Chairman K. Rajaraman, Indian diaspora investments in GIFT City funds have crossed Rs 60,998 crore (US$7 billion). In 2024, NRIs sent over Rs 11,24,106 crore (US$129 billion) to India, and Rajaraman believes their worldwide investments are probably similar. Around 5,000 NRIs have invested nearly Rs 13,071 crore (US$1.5 billion) in banking products and about Rs 60,998 crore (US$7 billion) in the fund system.

Rajaraman mentioned that reforms are needed within three to five years to help India become a developed nation by 2047. The IFSCA is comparing itself to global financial hubs. The assets managed by the 30 banks in GIFT City, which includes 15 international banks, have exceeded Rs 6,79,692 crore (US$78 billion). Indian companies have borrowed around Rs 4,35,700 crore (US$50 billion).

IFSCA Executive Director Dipesh Shah said that GIFT City is looking at aviation and shipping in addition to finance, with 33 aircraft leasing companies registered and also 198 leased aviation assets. Meanwhile, banking expert K V Kamath stressed the importance of strong internal controls in startups. A survey showed that most chief audit executives see AI and cybersecurity as major risks, but only a small percentage are ready to handle them.