Increasing productivity will help India become a $5 trillion economy by 2027, says SBI Chairman

SBI Chairman Dinesh Kumar Khara hopes India will become a $5 trillion economy by 2027 and a developed nation by 2046. He believes productivity increase is key to achieving this goal and IIM-V can play a pivotal role in providing the right training to management graduates. He discussed global geo-political situation, economic slowdown, and the challenges India faced due to COVID-19. He also noted that global manufacturers are looking towards India and investors from the U.S.A. are considering India as an alternative. IIM-V is offering an MBA programme in digi governance for civil servants and some of the entrepreneurs mentored by the institute are earning ₹1 crore a month.

State Bank of India (SBI) Chairman Dinesh Kumar Khara has hoped that India will emerge as a $5 trillion economy by 2027, and will become a developed nation by 2046. Increasing productivity will play a major role in achieving the goals, he said while addressing the students of IIM-Visakhapatnam on Wednesday.

“The management Institutes can play a pivotal role in optimising productivity by providing the right training to the management graduates,” he said.

The SBI is embarking on YONO 2.0, through which customers can be onboarded digitally and digi loans could be sanctioned, he said.

Mr. Khara also spoke about global geo-political situation, economic slowdown due to COVID-19, the crisis in banking system in the U.S.A. due to downgrading by rating agencies, Ukraine war, the challenges in Europe, the slowdown in the U.S.A. among others

He said that India had managed to tackle the challenges due to the pandemic effectively as the domestic economy was strong and the government took the right initiatives at the right time. “Global manufacturers are looking towards India. The investors from the U.S.A. who were earlier looking at China are looking towards India as an alternative,” he said.

IIM-V Director M Chandrasekhar said that the institution was offering an MBA programme in digi governance for civil servants. Some of the entrepreneurs mentored by the IIM-V are earning ₹1 crore a month, he said.