While addressing the nation from the ramparts of the Red Fort on August 15, Prime Minister Narendra Modi made a big announcement regarding the banking sector. He has set the target of developed India by 2047. PM Modi said that India no longer has to be limited to domestic progress only, but will have to create a strong identity at the global level.
PM Modi said in his address, ‘We are passing through a period where the countrymen will have to think big. Our economy is strong, the banking sector has played an important role in it. India’s banking sector has become very strong and prosperous in the last decade. In such a situation, our aim should now be that at least one Indian bank should make its place among the top 5 banks of the world. Apart from this, he said that now the need of the hour is that there should be at least one Indian in the top-5 pharma companies of the world.
PM Modi stressed that this change will be possible not only through the efforts of the government, but with the cooperation of every citizen and industry of the country, which will strengthen the resolve of ‘Developed India’.
Government’s focus on banking sector
Actually, the central government’s focus has been on the banking sector for the last decade. Before 2017, there were a total of 27 government banks in the country, which reduced to 12 after the merger. Finance Minister before PM Modi Nirmala Sitharaman She has also talked about big banks. He had said that to meet the changing needs of India’s rapidly growing economy and industry, there should be 4-5 big banks like State Bank of India (SBI), and one global level bank. The main objective of the large-scale merger of public sector banks was to create global level banks in the country.
Big step towards the goal of ‘Developed India 2047’
Meanwhile, at the ‘PSB Confluence 2026’ organized in New Delhi on Monday, Finance Minister Nirmala Sitharaman said that the central government will soon announce the formation of a high level committee to review and reform the banking and financial sector. The main objective of this conference organized by the Department of Financial Services (DFS) is to prepare the Indian banking sector in line with the goal of ‘Developed India 2047’ and to formulate new strategies as per the emerging economic needs.
The Finance Minister said that there cannot be a better time than now to discuss India’s banking sector. The Finance Minister clarified that as soon as this high level committee finalizes its recommendations and suggestions. The government will be ready to implement necessary decisions to rapidly advance the Indian economy in line with the vision of ‘Developed India 2047’. The Finance Minister has described the youth as the most important basis of the country’s banking future and economic development. He said that it is the government’s goal to connect the new generation and youth with financial services.
Let us tell you, the idea of forming a high-level committee by the Central Government to reform the banking sector first came up during the Union Budget 2026-27. Now the Finance Minister said that a big step will be taken in this direction soon.
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