India may need Rs 3,000-3,500 lakh crore capital to achieve $30 trillion economy goal: SBI Chairman

State Bank of India (SBI) Chairman CS Setty said on Monday that the country may need capital investment worth around Rs 3,000-3,500 lakh crore to achieve its ambition of becoming a $30-trillion economy by 2047, when the government aims to make transform it to 'Viksit Bharat' (Developed India). He also emphasised that India’s investment rate may need to rise meaningfully from current levels to sustain long-term high growth needed for the Viksit Bharat goal. For that mission alone, said Setty, nearly Rs 600-650 lakh crore in capital may need to be mobilised by 2035.

Noting that such funding requirements cannot be fulfilled through banks alone, the SBI chairperson said that deepening the country's bond market will be crucial for funding the real economy. The country's capital markets, equity and bond markets in particular, will have to play a far larger role alongside banks in financing its growth ambitions.

His broader remarks signalled that the domestic financial ecosystem has yet to evolve substantially to support the transition towards a developed economy by 2047.

Government capital expenditure (capex)

Government capex has risen from around Rs 2 lakh crore in FY15 to a budgeted Rs 12.2 lakh crore in FY27, and continues to serve as a major catalyst for private investment, he said.

Public sector capex has increased by over 600 per cent compared to FY15, he added.

Government-led capex continues to create multiplier effects by crowding in private investment and improving economic capacity creation, he emphasised.

What SBI Chairman says about domestic savings

Speaking about domestic savings, Setty said that they are gradually shifting away from bank deposits towards mutual funds, insurance and pension products.

Domestic savings rates may need to increase significantly in order to support higher investment without excessively widening the current account deficit, he said.

He also said that greater participation from mutual funds, insurers and pension funds will be important, highlighting that banks alone may not be structurally capable of meeting the full scale of long-term infrastructure and development financing requirements. These institutional investors (pension funds, insurance providers and fund houses) may become increasingly critical in funding long-duration infrastructure and economic expansion projects, he noted.

Viksit Bharat 2047

“Viksit Bharat 2047” is the Narendra Modi government’s long-term vision to transform the country from a developing to a developed nation by 2047 -- the year set to mark the centenary of Independence from British rule in 1947. It is built on innovation, manufacturing, sustainability, digitalisation and human capital development.

The vision focuses on achieving this through:

• High economic growth
• Stronger infrastructure
• Technological leadership
• Better governance
• Higher living standards
• Inclusive development

The mission is closely linked to the government's broader “Atmanirbhar Bharat” (self-reliant India) drive, increasingly positioned as a foundational pillar of Viksit Bharat.

Atmanirbhar Bharat is the self-reliance strategy, while Viksit Bharat 2047 is the larger end-goal of becoming a developed India.

Over the weekend, in an interview to Zee Business after the bank announced its Q4FY26 results, Setty said that the ongoing crisis in the Middle East has not impacted the bank’s credit growth or margin outlook for FY27. However, the chairperson cautioned that a prolonged conflict could weigh on economic activity and loan demand.

SBI continues to witness strong credit demand and has retained its 13-15 per cent loan growth guidance for the current financial year, along with its net interest margin forecast of around 3 per cent, he said.