New Delhi: Reserve Bank of India Governor Sanjay Malhotra invited the US business community to invest in India during his address at the US-India Economic Forum in Washington DC on Friday.
Describing India as a beacon of stability and growth amid global economic volatility, Malhotra emphasised that India remains the fastest-growing major economy, projected to achieve 6.5 per cent growth in the current financial year despite worldwide 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 stated during the event organised by the Confederation of Indian Industry and US India Strategic Partnership Forum.
Malhotra highlighted India’s impressive macroeconomic performance, noting that the country has recorded an average annual growth rate of 8.2 per cent over the past four years, significantly higher than the 6.6 per cent during the previous decade.
He attributed India’s economic success to monetary, financial, and political stability, consistent policies, and a forward-looking ecosystem that fosters business confidence.
“India is not just an investment destination; it’s a partner in prosperity,” Malhotra remarked, encouraging American businesses to collaborate and invest across diverse sectors from space and semiconductors to renewable energy and electric vehicles.
The Governor noted India’s rapid economic ascent from being the 10th largest economy to the 5th largest in just a decade, expressing confidence that “We are poised to become the third largest economy nominally very soon.”
He assured investors that India’s financial sector remains robust, with scheduled commercial banks demonstrating strong profitability, low non-performing assets, and ample liquidity buffers.
Bank credit growth continues in double digits at approximately 12 per cent, though slightly moderated.
Malhotra also emphasised India’s growing role in global supply chains and its emergence as a Software as a Service (SaaS) innovation hub, particularly in generative AI.
Concluding his address, he expressed optimism about India’s trajectory, stating, “We aspire to become a developed nation—Viksit Bharat—by 2047. I am sanguine about our continued success.”
