Summary:

SBI Chairman C. S. Setty believes that the banking industry in India will be crucial to realising the Viksit Bharat 2047 goal. According to him, India's shift to a developed economy will necessitate large investments in manufacturing, infrastructure, innovation, and emerging industries, which will result in enormous finance demands. Banks will continue to encourage financial inclusion and economic growth by mobilising savings, fostering entrepreneurship, and facilitating capital formation. Additionally, the industry is anticipated to promote advanced manufacturing, semiconductors, digital infrastructure, green hydrogen, and renewable energy. It will be crucial for banks, capital markets, insurers, and pension funds to work together. Banks are well-positioned to accelerate investment-led development thanks to digital transformation, artificial intelligence, enhanced asset quality, and stronger balance sheets.

Source: IBEF

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