India’s growth story remains strong, long-term outlook intact: Citigroup CEO Jane Fraser

Leading global bank Citi’s Chair of the Board and Chief Executive Officer Jane Fraser on Thursday reaffirmed her confidence in India’s long-term economic prospects, emphasising that the country’s growth story remains strong despite current global and domestic challenges.

Speaking at the Citi India Conference 2026 on Thursday, Fraser described India as the world’s fastest-growing major economy and urged investors and businesses to maintain focus on the country’s long-term trajectory rather than short-term obstacles.

Fraser cautioned against allowing immediate concerns to overshadow the broader economic outlook. “The long-term story in India is very much intact. Don’t sell yourself short by focusing on short-term challenges, which everyone is facing, instead of the country’s long-term potential and the trend it is inexorably on.”

She said that while many economies are facing temporary headwinds, India’s underlying growth potential continues to be robust. India continues to offer significant opportunities for businesses and investors alike, she said.

On Wednesday, Fraser met Prime Minister Narendra Modi to discuss a range of issues, including investment opportunities in India, capital flows, artificial intelligence, and alternative energy. Their discussions cantered on India’s economic development agenda and the ways in which Citi can contribute to the country’s growth priorities and broader development goals.

Citi exited India’s consumer banking business in March 2022 when Citibank sold the operation to Axis Bank. The move was part of the bank’s broader global strategy to withdraw from consumer banking activities in several international markets and focus on other core business areas.

Citi India is now focussing on corporate and investment banking, brokerage, treasury and trade services, securities and fund services.

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During her address, Fraser highlighted what she described as India’s willingness to build for the future rather than simply protect existing strengths.

While some countries and companies focus primarily on preserving what they already have, others concentrate on creating what they need, even if it requires disrupting existing systems.

India belongs to the latter category, she said.

Fraser also underscored India’s strategic importance to Citi. The country ranks among the bank’s most significant markets due to its economic scale, global influence, and strong client base. India is also Citi’s second-largest region in terms of employee numbers. Many of the bank’s global clients maintain major operations in India, not only for technology-related activities but also for market participation. Several of Citi’s largest clients are Indian companies, further strengthening the bank’s presence and engagement in the country, she said.

Another key area highlighted by Fraser was India’s expanding role in the global artificial intelligence ecosystem. She pointed to substantial investments being made in data centres and digital infrastructure across the country.

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Referring to major projects by companies such as Microsoft and Amazon Web Services (AWS), she said that significant capital is being deployed to build AI-related infrastructure. Numerous other large-scale investments are also underway, reflecting growing confidence in India’s digital future and technological capabilities, she said.

Looking at the global business environment, Fraser said merger and acquisition activity and broader deal-making could become somewhat slower during the second half of 2026 due to geopolitical uncertainties and concerns over interest rates.

Nevertheless, she maintained a positive long-term outlook and observed that deal activity remains active, with a healthy pipeline of opportunities continuing to emerge.

Jane Fraser has served as Citi’s Chief Executive Officer since March 2021 and is also Chair of the Board. Under her leadership, Citi has embarked on a multi-year transformation strategy aimed at simplifying, modernising, and reshaping the bank for the digital era.

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During her more than two decades with Citi, Fraser has held several senior leadership positions across both the consumer and institutional businesses, including serving as President of Citi and Chief Executive Officer of the Global Consumer Bank before becoming CEO.