New Delhi, Feb. 11 -- India's banking sector will need to raise USD 4 trillion in capital over the next two decades to support the country's goal of becoming a developed economy, or "Viksit Bharat," by 2047, according to a report by HSBC Mutual Fund.

The report highlighted that for India to achieve its ambitious target, its financial and banking assets must grow at a much faster rate than GDP. The country's GDP, which stood at USD 3.4 trillion in 2023, is projected to expand nearly nine times to USD 30 trillion by 2047.

To support this economic expansion, financial assets--valued at USD 6.4 trillion in 2023--need to grow almost 19 times to USD 120 trillion by 2047. Similarly, banking assets, currently at USD 3.1 trillion, are expected t...