State Bank of India (SBI) Chairman Dinesh Khara on Wednesday (December 27) expressed optimism about India's economic trajectory over the past year, highlighting the resilience of the banking sector and its contribution to the country's financial heft.
Speaking at the 10th SBI Banking & Economics Conclave, Chairman Khara said, "Over the last year, the economy has moved from strength to strength. The banking sector has displayed phenomenal resilience," highlighting the performance of banks during financial year 2023 and the first half of 2024.
He underscored the sector's commitment to fortifying key ratios and capital strength, positioning itself to support large-scale projects and the transition to clean, green energy and mobility.
Khara pointed out, "The twin balance sheet advantage seems truly the new normal for underpinning the holistic economic growth that permeates the horizon like never before."
Acknowledging the strategic goals of the banking sector, Khara noted the readiness to finance multiple large-value projects, support capex initiatives and contribute to India's ambitious journey towards a sustainable future.
He highlighted the simultaneous development of significant digital capabilities and forward-looking risk metrics, aligning with the evolving needs of a large, consumption-centric, and tech-savvy young population.
"Last year's conclave was designed with the prime minister's vision of Amrit Kaal in mind. The goal of Amrit Kaal over the next 24 years is to create an India where the level of development bridges the gap between villages and cities," Khara said.
As India marked its presence at the G20, Khara emphasised the significance of the nation's role in global geopolitics. "India's G20 presence emphasises manifesting the true spirit of vasudhaiva kutumbakam," he stated, referring to the ancient Indian concept that translates to 'the world is one family.'
