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SBI Chairman C S Setty says India is emerging as one of the defining economic stories of the 21st century, backed by digital transformation, infrastructure growth, clean energy investments and a resilient banking system.
India should not be judged merely by short-term stock market movements but by its long-term economic transformation, State Bank of India (SBI) Chairman C S Setty said, calling the country one of the most compelling growth stories of the 21st century.
Speaking at the Citi India Conference 2026, Setty said India has emerged as a source of stability, resilience and opportunity at a time when the global economy is facing geopolitical uncertainty, supply chain shifts, technological disruptions and changing capital flows.
“I thought I’ve seen everything, but every year brings new dimensions of challenges. But India stands out as a source of stability, resilience and opportunity. Don’t look at Sensex. Look at India as a long-term story,” Setty said.
Highlighting India’s economic roadmap under Vision India 2047, the SBI Chairman said the country’s next phase of growth will focus on transforming into a developed economy or “Viksit Bharat”, with an ambition to achieve a per capita income of at least $10,000.
Setty said India’s transformation will be powered by large-scale investments in infrastructure, clean energy, financial inclusion and digital public infrastructure.
On the country’s green transition, he said India will require cumulative investments of nearly $22 trillion by 2070 to achieve its net-zero target. He added that renewable energy now contributes more than 50 per cent of India’s electricity capacity, reaching a key milestone ahead of schedule.
The SBI Chairman also highlighted the expanding role of the banking sector in supporting India’s growth ambitions. He noted that infrastructure lending by scheduled commercial banks increased from Rs 9.6 trillion in 2016 to nearly Rs 14 trillion in 2026, while agricultural credit disbursement crossed Rs 26 trillion in FY26.
Setty added that consolidated MSME credit outstanding has reached nearly Rs 67 trillion, reflecting the growing financial support for small businesses and entrepreneurs.
Pointing to India’s digital revolution, Setty said the Unified Payments Interface (UPI) now processes nearly 200 billion transactions annually. SBI alone manages around 30 per cent of UPI volumes, handling nearly 250 million transactions every day.
“The journey to Vision India 2047 will undoubtedly be challenging, but it is also one of the most compelling growth stories of our time. India has already demonstrated how inclusion can be achieved at scale,” Setty said.
He added that the next challenge for India will be converting large-scale inclusion into prosperity, with the banking sector playing a central role not just as a provider of credit but as a driver of economic transformation.
Frequently Asked Questions
How will India achieve its $10,000 per capita income goal?
What role does the banking sector play in India’s growth?
The banking sector plays a crucial role in supporting India’s growth ambitions. Infrastructure lending by scheduled commercial banks increased from Rs 9.6 trillion in 2016 to nearly Rs 14 trillion in 2026, and agricultural credit disbursement exceeded Rs 26 trillion in FY26.
Could India’s green transition meet its 2070 net-zero target?
India will require cumulative investments of nearly $22 trillion by 2070 to achieve its net-zero target. Renewable energy now contributes over 50% of India’s electricity capacity.
First Published:
June 03, 2026, 14:03 IST
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