New Delhi, 30 December 2025: Times Network’s 11th India Economic Conclave (IEC 2025) convened leaders from industry, finance, and government to deliberate on India’s economic strategy amid an increasingly complex global geoeconomic environment. Themed ‘Navigating Geoeconomics’, the two-day conclave underscored the critical role of collaboration between corporates, financial institutions, and state governments in sustaining India’s growth momentum and enhancing its global competitiveness.
The significant investments India has made in infrastructure have substantially reduced logistics costs and attracted capital in the country, noted V Vaidyanathan, MD & CEO of IDFC FIRST Bank. Talking about the financial sector, Vaidyanathan highlighted four key developments shaping the industry today. “First, the banking system is very strong. The total net worth of the banking sector is currently around Rs 30 lakh crore, while the loan book of the system is touching about Rs 180 lakh crore. The second important trend is the unique combination of low inflation and high economic growth, a first for India. This environment is enabling the financial sector to raise capital more efficiently than ever before,” he said.
The third key driver is the growth of market infrastructure, according to the CEO. He said that the strong institutional frameworks have emerged as a major factor supporting investment and fostering confidence in India’s financial markets. The fourth important development is the expansion of digital infrastructure.
“Remarkably, despite disruptions like demonetisation and COVID-19, the sector has grown nearly 2.8 times over the past decade. The deposit market now stands at approximately Rs 240 lakh crore, growing at around 10% per annum for several years. Meanwhile, mutual funds have expanded to Rs 66 lakh crore. This enormous capital pool has been built within the country over the past ten years, forming the backbone for financial, digital, and public infrastructure,” he added.
In another fireside chat, highlighting the future of mobility in India, Tarun Garg, Whole Time Director and Chief Operating Officer, Hyundai Motor India, reflected on the brand’s 30-year journey in India, design inspiration behind the Santro hatchback, the success story of the Creta mid-sized SUV and the IPO.
Speaking on Hyundai’s decades-long journey in India, Garg highlighted, “Hyundai decided that we have to give respect to India. What I mean is that, for example, Indian women wear sarees and Hyundai was very sensitive towards that. So, ingress into the car and coming out of the car became very important, and that is when the tall-boy design Santro came in, and it became an instant hit. So, it was a very local solution, not that we just brought in a global car and tried to push it into India. The second thing was that the Indian auto industry was evolving and Hyundai was one company with very global technologies. So, if some of you would remember, we brought in the MPFI engine, with multi-point fuel injection and the power steering. I mean, what better solution for India than power steering?”
The COO also spoke on India’s diesel-car wave and the transition from a small car market to an aspirational market. Speaking on the transition, Garg pointed out, saying, “India was a small car market. Very humbly, I would say, probably the Creta changed it from a small car market. From a market of functional requirements, we became an aspirational country of youth, where people want to evolve and to be seen like their global peers. But the most important thing I would say is our humble contribution towards nation-building. Very humbly, I would say we first started with our Chennai Plant 1, then went to the Chennai Plant 2, we also have our R&D center in Hyderabad and another one now in Pune. So the ecosystem, the economy, job creation, our dealers, our vendors, I think, play an important role in putting India on wheels and contributing to the Indian economy.”
About the recent IPO, Garg said, ‘I think it has been a very fulfilling journey and to cap it all with the biggest IPO, which has made us truly Indian, in terms of mobility over the past 30 years.”
Highlighting Uttar Pradesh’s rapid economic transformation over the past few years, Vijay Kiran Anand, CEO of Invest UP at IEC 2025, outlined a strong policy framework, expanding investment opportunities and a future-ready ecosystem being built to attract both domestic and global investors. He mentioned, “Uttar Pradesh is fast emerging as one of India’s most preferred investment destinations, driven by sustained infrastructure development, industrial corridors, policy reforms and improvements in ease of doing business.”
The state has set a long-term vision of becoming a $6 trillion economy, with a medium-term target of $1 trillion. Anand also added that Uttar Pradesh is now a revenue surplus state and has emerged as India’s second-largest economy. The state recorded manufacturing growth of 20% last year, marking a sharp turnaround from a decade ago when around 500 factories were registered annually. That number rose to 4,000 last year, and the state is now targeting the registration of 8,000 factories this year. The state has also become a key manufacturing hub, particularly in electronics. He stated, “UP has become a major hub for smartphone manufacturing, accounting for over 50 percent of production.”
Anand threw light on the infrastructure transformation and stated, “The biggest transformation has come through infrastructure investment and meticulous planning. We now have seven operational expressways and six more under development.” He further added, “The state’s defence corridors have attracted more than 60 defence companies that are currently operational, strengthening India’s domestic defence manufacturing ecosystem.”
IEC 2025 concluded by reinforcing its role as a premier platform bringing together policymakers, industry leaders, economists and innovators to shape India’s economic leadership amid a rapidly evolving global landscape. As every year, this year too, IEC set the stage for an understanding of Indian’s role in geoeconomics and the path that the country would embark to play a pivotal role in it.
IEC 2025 is presented by IDFC FIRST Bank, with strategic support from Amrita Vishwa Vidyapeetham (Knowledge Partner), World Gold Council (Gold Investment Partner), Radico (Celebration Partner), Axis Max Life Insurance (Insurance Partner), Adani (Associate Partner), Government of Uttar Pradesh (Growth Partner), and NBCC (Infrastructure Partner).
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