Financial services sector is the biggest and strongest ever: DFS secy

In his address, V Anantha Nageswaran, Chief Economic Advisor, government of India, said India’s GDP growth could touch 7 per cent by the end of the ongoing financial year (FY26).

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C S Setty (left), chairman, State Bank of India, and M Nagaraju, secretary, department of financial services

“Couple of months ago, we faced a penal tariff of 50 per cent from the US and a lot of us were wondering whether the economic growth rate in the current financial year would sort of tend towards the 6 per cent range. That was a concern at that time. Now, fast forward two months later, people are wondering whether it will be 7 per cent or above,” he said. “..-Together we feel that this financial year, we will be somewhere to the north of our range of 6.3-6.8 per cent, even above 6.8 per cent for the full financial year. I will not be surprised if there is a 7 percent handle in front of the decimal place for the full financial year.”