Reserve Bank Governor Sanjay Malhotra has called on US industries to invest in India, emphasizing the country's status as the fastest growing major economy.

India has made significant strides, moving from the tenth largest economy to the fifth in the past decade, with ambitions to become a developed economy by 2047, coinciding with the centenary of its independence.

Malhotra highlighted India's impressive resilience, showcasing an average annual growth rate of 8.2% from 2021 to 2025, a notable increase from the previous decade's 6.6%.

During the recent US-India Economic Forum, he projected a growth rate of 6.5% for the current financial year, despite ongoing global economic challenges.

He also pointed out the robustness of India's banking sector, characterized by healthy balance sheets, strong profitability, and low non-performing assets, with bank credit growth currently at about 12%.

India is also establishing itself as a hub for SaaS innovations, particularly in generative AI, which is integral to its growth narrative.

Malhotra emphasized India's stability in monetary, financial, and political aspects, along with a transparent and rule-based policy ecosystem that is attractive for investors.

He underscored government initiatives that promote investment in emerging sectors such as space, semiconductors, renewable energy, and electric vehicles, positioning India as a vital player in global supply chains.

Malhotra encouraged further collaboration and investment in India's burgeoning SaaS innovation sector as part of its dynamic economic landscape.

The current bank credit growth rate of about 12% exceeds the average of 10.5% over the last decade, indicating ongoing investment opportunities.

He noted the strength of India's financial sector, with robust scheduled commercial banks and a healthy non-banking financial companies (NBFCs) sector.

Overall, Malhotra's remarks reflect a strong confidence in India's economic trajectory and its potential for continued growth.