New Delhi, Feb. 11 -- India's banking sector will require USD 4 trillion in fresh capital over the next two decades to support the nation's ambitious goal of becoming a developed economy by 2047, according to a comprehensive report released by HSBC Mutual Fund.

This substantial capital requirement is deemed essential to facilitate India's transformation into what the government terms 'Viksit Bharat' or developed India.

The report emphasises that India's financial and banking sectors must expand at a pace that significantly outstrips GDP growth to achieve these development objectives.

While India's current GDP stands at USD 3.4 trillion, projections indicate a nearly nine-fold increase to USD 30 trillion by 2047.

To support this massiv...