Indian economy, banking sector showed resilience: SBI chairman Khara

livemint.com:

MUMBAI : Indian economy remained resilient amid global uncertainties, allowing the domestic banking sector to deliver strong performance in FY2023 and the first half of this financial year, said State Bank of India chairman Dinesh Khara. “The Indian economy has continued exhibiting robust resilience during the current year too, building upon the momentum initiated during 2022-23, notwithstanding the global turmoil as escalating multiple footprints of geopolitical tensions threaten to change the terms of trade, clocking growth rate of 7.7% in H1 of FY24, the highest among major economies in the world," said Khara, speaking at SBI’s banking and economics conclave.

He said that with several Indians or people of Indian origin in leadership positions globally, driving innovation and expanding to new manufacturing geographies as supply chains are realigned, the time seems appropriate to give a concrete shape to the idea of 'Brand India'. This will require a strong anchor of thought leadership and extraordinary vision translating to formidable action, said Khara.

Over the past year, Khara said, the economy has moved from strength to strength and the banking sector has displayed phenomenal resilience. Banks, he said, delivered strong performance in FY23 as also in the first half of FY24, strengthening capital and other key ratios.