‘Viksit Bharat’ Target: India will need investments of Rs 650 crore by 2047: SBI chief
New Delhi, June 4: India will need investments to the tune of nearly Rs 650 lakh crore by 2047, the target year of achieving the ‘Viksit Bharat’ dream, according to Chairman of State Bank of India (SBI) C.S. Shetty.
Out of this amount, around Rs 200 lakh crore will be needed by 2030 and another Rs 450 lakh crore thereafter, he said while speaking at a conference.
The investments would be required across infrastructure, manufacturing, energy transition, urban development, MSMEs and innovation, he said.
He said banks will need to evolve to support India’s aspirations and that future banking models must ensure access to banking services across every segment of society and the economy.
Setty said the banking sector must also integrate environmental, social and governance considerations into financing decisions and operations while maintaining high standards of governance, consumer protection and risk management.
According to him, the global economic order is being redesigned in real time, with supply chains shifting, manufacturing being reconfigured and technology redefining productivity.
He added that new growth centres are emerging and that India enters this scenario from a position of strength.
Setty also said green finance will become another defining opportunity.
Referring to the country’s development ambitions, he said the journey towards Viksit Bharat would be challenging but remains one of the most compelling growth stories of the present era.
India has already demonstrated how financial inclusion can be achieved at scale, he said, adding that the next phase would be to transform inclusion into prosperity at scale.
The SBI chairman said the banking sector would remain at the centre of this transformation, not only as a provider of credit but also as a mobiliser of savings, enabler of entrepreneurship, allocator of capital and partner in national development.
On the impact of the West Asia conflict, Setty said SBI has not seen any major effect on asset quality so far. He added that credit demand remains robust and growth continues to be strong across sectors.
“We have not seen any demand constraints at this juncture,” Setty said.
