New Delhi, Sep 23 (IANS) State Bank of India (SBI) Chairman CS Setty on Wednesday said the next phase of global investment is expected to be driven by sunrise sectors such as renewable energy, semiconductors, battery storage, green hydrogen, robotics and biotechnology, and stressed that India’s banking and financial sector will play a crucial role in supporting this transformation.
Speaking at the inauguration of the 13th SBI Banking & Economics Conclave, Setty said these emerging industries are likely to attract significant global capital in the coming years and create new opportunities for economic growth and technological advancement.
He noted that India is well-positioned to participate in this shift, backed by its skilled workforce, entrepreneurial ecosystem and growing technological capabilities.
According to Setty, the country’s challenge is not a lack of talent or innovation potential but the ability to convert these strengths into commercially viable businesses, advanced technologies, manufacturing capabilities and intellectual property with a global presence.
He said the larger opportunity lies in building enterprises that can compete internationally and establish India as a leader in frontier technologies.
The SBI Chairman also highlighted the evolving role of banks and financial institutions as the economy moves towards high-value manufacturing, green technologies and innovation-led growth.
He said the financial sector must adapt its frameworks and financing models to meet the requirements of capital-intensive and technology-driven industries.
Setty emphasised that banks will be instrumental in creating the financial architecture necessary to support innovation, investment and scale.
As industries increasingly focus on sustainability, advanced manufacturing and global competitiveness, the banking system will need to evolve alongside them to provide long-term support for growth.
He further said that the focus of economic development should not be limited to achieving high growth rates, but should also include converting that growth into global competitiveness and leadership across industries.
The transition, he noted, requires strengthening India’s capacity to build world-class enterprises capable of competing in international markets.
–IANS
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