India’s financial markets are attracting growing interest from global investment firms, supported by a booming IPO market, rising domestic investments and expanding business opportunities. Despite inflation, a weaker rupee and regulatory challenges, major financial institutions are increasing their presence in the country.
Blackstone President Jon Gray described India as one of the world’s most accessible markets for public listings. “For us, outside of the United States, India is the most liquid market — the easiest place to get an IPO done in the world this year,’’ Gray said. Blackstone expects its assets under management in India to double to $100 billion in the coming years.
Banks and private equity expand
Global banks, including Citigroup, JPMorgan Chase and Goldman Sachs, are strengthening their investment banking operations in India. Goldman Sachs has invested at least $500 million in its Indian banking business in recent years. Bankers in India now earn average IPO fees of 1.86%, compared with about 1.5% in Hong Kong.
Private equity investment is also growing. Brookfield Asset Management plans to increase its India investments from about $30 billion in 2025 to more than $100 billion over the next 5 years. Firms such as Blackstone and Brookfield are also benefiting from demand for office space and logistics infrastructure.
GCCs and wealth creation drive growth
India had more than 1,800 Global Capability Centers (GCCs) in 2025, with the number projected to exceed 2,400 by 2030. The sector generated an estimated $100 billion in revenue last fiscal year. JPMorgan alone employs around 60,000 people across its Indian GCCs.
India’s wealth management sector is expanding as more people enter financial markets. The country’s annual savings in financial assets total $500 billion, with nearly 50% still held in cash and deposits. The number of ultra-high-net-worth individuals is expected to rise from about 19,000 in 2026 to 25,000 by 2031.
Risks and regulatory pressure remain
Despite long-term investment, foreign portfolio investors have withdrawn about $30 billion from Indian stocks in 2026, partly seeking AI opportunities elsewhere. Retail traders lost more than $9 billion in equity futures and options in the year ended March, prompting tighter regulatory scrutiny. SEBI has also pursued allegations of market manipulation involving foreign trading firms, which have contested the claims.
Meanwhile, Gujarat’s GIFT City is emerging as an international financial hub. HSBC has built a $23 billion balance sheet there in under 6 years, while Citi’s assets are expected to reach $3 billion by the end of 2026, up from about $350 million last December.
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