PSBs level up, need good hands at top: FM Sitharaman
₹2.86 trillion into public sector banks, as per data presented in the Parliament by junior finance minister Bhagwat Karad in March 2023. The cleanup of legacy bad loans and stronger underwriting decisions have played a role in the improvement of their health. Asked about the trends in private capex, the minister said the private sector is investing significantly in areas offering new opportunities.
“They are looking at hydrogen, green hydrogen, ammonia, semiconductors, etc. Imagine three semiconductor investments with investments of over ₹1 lakh crore. That’s not government investment.
So actually, all of us will have to now be ready to look at these sectors where the private sector has already invested and shown that appetite to take high risks." The economy, the finance minister said, is expected to expand 8% or above in the last quarter of the current financial year, leading to an equivalent growth for the whole of FY24. “Hopefully, the fourth quarter (of FY24) which ends tomorrow will also have it in the range of 8% or above 8%, resulting in 2023-24 having an average GDP growth of 8% or over 8% is what my expectation is," Sitharaman said. India witnessed a GDP growth of 7.8% in Q1, 7.6% in Q2 and 8.4% in Q3 of 2023-24.
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