India’s 2047 devpt ambition requires collective responsibility, stronger financial services: Panda

Mangaluru: India's ambition of becoming a developed nation by 2047 will require collective responsibility across institutions, industry, policymakers, bureaucrats, and citizens, and cannot be achieved by govt action alone, said retired IAS officer Debasish Panda.Panda delivered the Founders' Day lecture on Enhanced Role of Financial Services: Viksit Bharat 2047, at the 102nd Founders' Day celebration of Karnataka Bank on Wednesday. He said financial institutions are built over time on conviction, particularly the belief that trust can be organised, capital deployed responsibly, and finance guided by purpose to transform society. While profitability is essential for sustainability, he said banks should also evaluate whether they contribute adequately to wider social and economic transformation.Panda said financial institutions are built on conviction and endure on confidence, as depositors place faith, borrowers place hope and markets place expectations. He said the next phase of India's growth will demand sustained momentum, rather than incremental gains, supported by macroeconomic stability and a deep, resilient financial system capable of absorbing global shocks.Referring to the recent budget, he outlined three policy priorities—continued emphasis on capital expenditure and infrastructure; support for manufacturing and supply-chain strengthening in strategic sectors; and investment in human capital through skilling, education, agriculture value chains, and digital public infrastructure. He said these priorities can generate multiplier effects across the economy.Panda said banks will be central to financing infrastructure, manufacturing expansion, the energy transition, urbanisation, and digitalisation, supporting both physical and intellectual capital. He highlighted the need for greater scale, sophistication, governance standards, and long-term funding capacity, noting that infrastructure and green projects require patient capital and advanced risk assessment, including climate and sustainability considerations. He urged banking leaders to collaborate through industry forums to identify regulatory, policy, and taxation frictions, and propose reforms to strengthen system readiness for the next stage of national growth.Calling Founders' Day more than a ceremonial milestone, Panda said it was an occasion to honour founding values while reflecting on generational shifts in banking. After visiting the bank's museum, he pointed to the transition from chequebooks to digital-first transactions and from fixed-line communication to mobile and video connectivity. He said the current era is defined by information and frontier technology, with artificial intelligence reshaping work, and urged institutions to adapt while reaffirming core values.Karnataka Bank chairman P Pradeep Kumar said the bank was among the first in the country to embrace technology and invested to strengthen banking capabilities.