The financial sector’s role in India’s growth story

India’s credit-to-GDP ratio is expected to rise as economic growth and formalisation increase access to finance, economists said on Monday at the fifth edition of the Business Standard BFSI Insight Summit 2026 in Mumbai. They said the expansion of credit would need to support productive investment, while access to non-bank financing and patient capital would also be important for India’s growth.

The discussion, titled ‘The Financial Sector’s Role in India’s Growth Story’, featured Aditi Nayar, chief economist and head of research and outreach at Information and Credit Rating Agency (Icra); Sonal Varma, chief economist for India and Asia ex-Japan at Nomura; Samiran Chakraborty, managing director and chief economist for India at Citibank; and Aastha Gudwani, India chief economist at Barclays. It was moderated by Business Standard’s Tamal Bandyopadhyay.