Collective Effort Essential for India's 2047 Developed Nation Ambition, Says Retired IAS Officer
India's ambitious vision to transform into a developed nation by the year 2047, known as Viksit Bharat 2047, cannot be realized through government action alone. This critical message was delivered by retired Indian Administrative Service (IAS) officer Debasish Panda, who emphasized that achieving this national goal demands collective responsibility across all sectors of society.
Founders' Day Lecture Highlights Financial Sector's Pivotal Role
Panda articulated these views while delivering the prestigious Founders' Day lecture titled "Enhanced Role of Financial Services: Viksit Bharat 2047" at the 102nd Founders' Day celebration of Karnataka Bank in Mangaluru on Wednesday. He stressed that institutions, industry leaders, policymakers, bureaucrats, and citizens must all contribute collaboratively to this monumental endeavor.
The retired bureaucrat elaborated on the foundational principles of financial institutions, stating they are built over time on conviction and confidence. "Depositors place their faith, borrowers place their hope, and markets place their expectations in these institutions," Panda remarked. He highlighted that while profitability remains essential for sustainability, banks must also critically evaluate whether they are contributing adequately to broader social and economic transformation.
Three Key Policy Priorities for Sustained Growth Momentum
Looking ahead, Panda asserted that India's next phase of growth will require sustained momentum rather than incremental gains. This progress must be supported by macroeconomic stability and a deep, resilient financial system capable of absorbing global shocks. Referring to recent budgetary measures, he outlined three crucial policy priorities:
- Continued emphasis on capital expenditure and infrastructure development
- Support for manufacturing and supply-chain strengthening in strategic sectors
- Investment in human capital through skilling, education, agriculture value chains, and digital public infrastructure
Panda explained that these priorities possess the potential to generate significant multiplier effects across the entire economy, creating ripple benefits that extend far beyond their initial implementation.
Banks as Central Pillars for Financing National Transformation
The retired officer identified banks as central pillars for financing critical areas including infrastructure development, manufacturing expansion, energy transition initiatives, urbanization projects, and digitalization efforts. These institutions will need to support both physical capital projects and intellectual capital development.
However, Panda cautioned that this expanded role demands greater scale, sophistication, enhanced governance standards, and improved long-term funding capacity from financial institutions. He specifically noted that infrastructure and green projects require patient capital and advanced risk assessment methodologies that incorporate climate and sustainability considerations.
Call for Collaboration and Adaptation to Technological Shifts
Panda urged banking leaders to actively collaborate through industry forums to identify regulatory, policy, and taxation frictions that hinder progress. He called for proposing concrete reforms to strengthen the financial system's readiness for the next stage of national growth.
Reflecting on the significance of Founders' Day, Panda described it as more than a ceremonial milestone—it represents an occasion to honor founding values while acknowledging generational shifts in banking practices. After visiting Karnataka Bank's museum, he pointed to the dramatic transition from traditional chequebooks to digital-first transactions and from fixed-line communication to mobile and video connectivity.
"The current era is defined by information and frontier technology, with artificial intelligence fundamentally reshaping work," Panda observed. He urged financial institutions to adapt proactively to these technological advancements while simultaneously reaffirming their core values and ethical foundations.
Karnataka Bank's Technological Legacy and Future Preparedness
In his address, Karnataka Bank chairman P Pradeep Kumar highlighted the institution's pioneering role in embracing technology within the Indian banking sector. He noted that Karnataka Bank was among the first in the country to invest significantly in strengthening its technological capabilities, positioning it well for future challenges and opportunities.
This comprehensive lecture underscored that achieving the Viksit Bharat 2047 vision represents a complex, multi-faceted challenge requiring coordinated effort across all segments of Indian society, with the financial sector playing an indispensable role in this national transformation journey.
