'Fastest-growing major economy': RBI governor Sanjay Malhotra urges US investors to bet big on India
NEW DELHI: Reserve Bank of India Governor Sanjay Malhotra on Friday made a compelling pitch to the US business community, inviting them to invest in India, which he described as a beacon of stability and growth in a volatile global economy.
Speaking at the US-India Economic Forum, organized by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF) in Washington DC, Malhotra emphasized that India remains the fastest-growing major economy, expected to clock a growth rate of 6.5% in the current financial year despite global uncertainties.
'At a time when many advanced economies are facing economic headwinds and deteriorating outlooks, India offers strong growth, stability, and long-term value," Malhotra said.
Highlighting India's macroeconomic resilience, he pointed out that the country recorded an average annual growth rate of 8.2% over the past four years, a sharp rise from 6.6% during the previous decade.
Malhotra underscored that India's success is built on monetary, financial, and political stability, consistent policies, and a rule-based, forward-looking ecosystem that fosters business confidence.
'India is not just an investment destination; it's a partner in prosperity,' he said, inviting American businesses to collaborate, innovate, and invest in sectors ranging from space and semiconductors to renewable energy and electric vehicles.
Noting India's rapid climb from the 10th largest economy to the 5th in a decade, Malhotra said, "We are poised to become the third largest economy nominally very soon."
The governor assured that India's financial sector remains robust, with scheduled commercial banks showing strong profitability, low NPAs, and ample liquidity buffers. Bank credit growth, though slightly moderated, continues to stay in double digits at around 12%.
He also highlighted India's emerging role in global supply chains and its rise as a SaaS innovation hub, particularly in generative AI.
"We aspire to become a developed nation—Viksit Bharat—by 2047. I am sanguine about our continued success," Malhotra concluded.
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