Shaktikanta Das said the BFSI sector must back infrastructure, manufacturing and green finance to achieve Viksit Bharat.
The banking, financial services and insurance (BFSI) sector must take the lead in financing large infrastructure projects and advanced manufacturing to support India’s ambition of becoming a developed economy by 2047, said Shaktikanta Das, Principal Secretary-2 to the Prime Minister. He was speaking at the Business Standard BFSI Insight Summit 2026.
Das said financial institutions must move beyond conventional corporate lending and focus on long-term capital formation, including funding infrastructure, semiconductors, advanced electronics and defence production. He outlined six areas for greater engagement: infrastructure financing, advanced manufacturing, green finance, credit for MSMEs and farmers, financial inclusion and digital public infrastructure.
Das said the Indian banking sector had moved beyond a period of high non-performing assets, with the gross NPA ratio falling to a multi-decadal low of 1.8 per cent in March 2026 and net NPAs declining to 0.4 per cent. The economy grew 7.8 per cent in the first quarter of FY27, while the International Monetary Fund raised its growth forecast for India to 7 per cent for FY27 from 6.4 per cent earlier.
He also named deepening the corporate bond market, developing municipal bonds and achieving insurance for all by 2047 as priorities.
Source: Business Standard
