This Paper presents dynamic parameter estimation of a three phase induction motor based on gravitational search algorithm (GSA) and Indirect Field Oriented Control (IFOC) methodology. The IFOC and Induction motor are modelled in MATLAB (Simulink) environment and the GSA algorithm has adopted for this parameter estimation purposes. The parameters like rotor resistance, time varying inductances etc. are estimated to have a better control over the running of the induction motor. It has been seen that the proposed method is efficient enough with enhanced accuracy in the estimation of parameters.