Services emerged as the main growth driver, expanding by 9.9 per cent at constant prices. Financial services, real estate, professional services, and public administration led the surge. Trade, hotels, transport, communication, and broadcasting services recorded an estimated growth of 7.5 per cent during the year.

Manufacturing and construction posted a combined growth of 7 per cent, while agriculture grew by 3.1 per cent. Real private consumption expenditure rose by 7 per cent, supported by income tax exemptions and GST rate reductions announced in the Union Budget. Gross fixed capital formation increased by 7.8 per cent, reflecting stronger investment activity.

Economic momentum strengthened in FY26, with GDP growth reaching 8.2 per cent in the second quarter. The economy grew at 8 per cent during the first half of the year. Despite global headwinds and US tariff hikes, India remains the world’s fastest-growing major economy, with the IMF projecting growth above 6 per cent in FY26.

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India’s digitally-driven transformation has attracted major players like Citigroup, Barclays, and MUFG, despite challenges such as trade headwinds and account dormancy. With 89% adult account penetration and 25% dormancy, investors are leveraging fintech innovations and data-based credit scoring to reach new consumers.

The shift from a cash-based economy to a digital ecosystem has unlocked economic potential across sectors. Every transaction now generates valuable data, helping lenders design microloans, insurance, and savings products for low-income users through platforms like Paytm and PhonePe using UPI technology.

The report highlighted that India’s inclusive digitisation has reduced transaction costs and boosted financial usage, leading to over $50 billion in FDI inflows during 2024–25. The publication suggested Africa could replicate India’s success by investing in digital infrastructure and using innovation to reduce account inactivity.

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The report also ranked Telangana among the top 10 states in financial services, real estate, ownership dwelling, professional services, and other key service sectors. The state stood ninth in financial services, sixth in real estate, seventh in trade and repair, ninth in hotels and restaurants, and eighth in transport and storage.

Telangana’s service sector contributes nearly 60% to its economy, reflecting a digitally driven model centred around Hyderabad’s IT and startup ecosystem. Real estate and professional services alone account for 34.1%, driven by innovation corridors and rapid urban growth.

Trade and hospitality sectors grew 20.8% in 2023–24, indicating post-pandemic recovery. The report said Telangana’s services share in Gross State Value Added rose from 52.8% in 2011–12 to 62.4% in 2023–24, surpassing the national average.

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The decline followed US President Donald Trump’s earlier comments about imposing restrictive tariffs on China, raising concerns about a renewed trade war. Although Trump softened his tone, investors remained cautious, leading to selling pressure.

Among major laggards were Tata Motors, Infosys, Hindustan Unilever, and Power Grid. Adani Ports, Bajaj Finance, Bajaj Finserv, and Axis Bank posted gains, limiting the overall downside. IT and FMCG stocks faced sectoral pressure, while Nifty Financial Services ended higher by 0.35 per cent.

In the broader market, the Nifty MidCap 100 index rose 0.11 per cent, while the Nifty SmallCap 100 index fell 0.17 per cent. Analysts noted that markets may remain volatile as global trade tensions and geopolitical issues continue to influence investor sentiment. A slight recovery in the INR and easing inflation expectations provided minor support, but overall caution kept markets slightly negative.

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Choudhary said investments in AI across banking, insurance, and payments may reach $100 billion by 2027. Around 78% of financial organizations already use AI in some form, up from 55% in 2023. The industry, he noted, is preparing for how fast AI will reshape its future.

He explained that Generative AI and Agentic AI are leading this change. These technologies improve fraud detection, automate compliance, enhance trading accuracy, and elevate customer experience. They could raise global banking productivity by up to $340 billion each year.

Choudhary praised India’s progress in digital innovation through NPCI’s initiatives like UPI Lite, UPI 123Pay, and UPI for Her. He said these solutions expand financial access and support women entrepreneurs and rural users across the country.

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Despite the sale, SBI will retain a 10.8% stake in Yes Bank, continuing its involvement with the private lender. SBI initially acquired a 49% stake in Yes Bank in March 2020 for ₹7,250 crore as part of RBI’s restructuring plan for the troubled bank. Later, in July 2020, SBI further increased its holdings through a follow-on public offer by Yes Bank.

SBI Chairman, CS Setty, expressed pride in their partnership with Yes Bank and praised the 2020 restructuring plan as an innovative collaboration between the public and private sectors. Setty also welcomed SMBC as a strategic partner, noting their global expertise will complement Yes Bank’s future ambitions.

The transaction is the largest cross-border investment in India’s banking sector. SMBC is Japan’s second-largest banking entity with assets totaling $2 trillion.

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