Gulshan Malik, Deputy Managing Director, State Bank of India added that banking sector in India is adequately capitalized as well as the ready to fund the next phase of growth which is very critical
FinTech BizNews Service
Mumbai, July 13, 2024: G 20 Sherpa Shri Amitabh Kant has said that India is accelerating its share of Global GDP however substantial growth in manufacturing sector is needed to become third largest economy in the world. He was speaking at an insightful panel discussion on 'Drivers for growth & Challenges in New World Order' at Pune on 12 July 24. The event was organized by Care Edge group.
Shri Gulshan Malik, Deputy Managing Director, State Bank of India, Shri Babasaheb Kalyani, Chairman, Kalyani Group, Shri Mehul Pandya, Managing Director, Care Edge group & Shri Sachin Gupta, Executive Director, Care Edge participated .
Shri Kant talked about how India is becoming global leader across the world in the scenario of global trends like great power conflict, economic crisis & emergence of new technologies. This is the perfect time to focus on country's development, he added He believed that unless the country doesn’t get into emerging and cutting-edge technologies, it will be very difficult for India to grow rapidly.
Shri Kant mentioned that for India to be a developed country by 2047, it's very important that developing countries have the appropriate credit rating. He said that the notion that developing countries are more risky investments is not solely based on objective financial metrics, but is significantly influenced by subjective assessment.
Shri Kant called for Indians to be more ambitious. He believed that unless the country doesn’t get into emerging and cutting-edge technologies, it will be very difficult for India to grow rapidly. However, he also warned on how technologies can be misused for conflict within societies and calls for a need for international regulation much like atomic energy, looking into the basic premises ethics and costs on which some of these technologies are faced and how they will really lead to the benefit of society.
Shri Babasaheb Kalyani, Chairman, Kalyani Group mentioned that India has potential to grow at 10% and calls out the need to focus on manufacturing sector. Shri Gulshan Malik, Deputy Managing Director, State Bank of India added that banking sector in India is adequately capitalized as well as the ready to fund the next phase of growth which is very critical.
