IFSCA proposes GPU leasing as financial product in GIFT City

The International Financial Services Centres Authority (IFSCA) has proposed allowing operating leases of graphics processing units (GPUs) and connected data centre equipment as a financial product at GIFT City in Gujarat. The move, announced on Tuesday, follows similar frameworks for aircraft, ships and oilfield equipment. IFSCA said enabling GPU leasing early in the global AI infrastructure expansion could help attract leasing activity to the IFSC and position India as an early participant in this emerging market.

India currently accounts for less than 5% of global AI-optimised compute power, compared with more than 70% held by the US and China combined, according to IFSCA's consultation paper. India's AI GPU capacity stood at around 38,000 GPUs in October 2025 and is expected to reach 100,000 by the end of 2026. IFSCA estimates that deploying 650,000 to 700,000 GPUs in Indian data centres over five years could create an investment opportunity of about $23 billion. The regulator said India is entirely dependent on imports for such equipment.

The proposed definition covers GPUs, AI servers, rack-scale systems, processors, network switches and allied infrastructure such as cooling equipment. IFSCA distinguishes the model from GPU-as-a-Service, saying a lessee would have control over identified equipment. The regulator has invited public comments until August 28.