Citi CEO Jane Fraser, along with Citi India CEO K Balasubramanian, speaks in a fireside chat during the Citi India Conference 2026
Despite the external headwinds at the moment, India is still the fastest growing major economy in the world and it should stop selling itself short, said Jane Fraser, Chair & CEO, Citi.“Stop selling yourself short due to the short-term challenges, which everybody is facing,” she said in a fireside chat with K Balasubramanian,CEO, Citi India.Fraser underscored the long-term potential and trend that India inexorably is on.Referring to her conversation with Prime Minister Narendra Modi, she said: “I think one of the main pieces we talked about was the role that India plays, and certainly from my perspective, the remarkable story over the last few years, particularly since Covid, of the transformation of so many different industries...and the fact that the long-term story in India is very much intact. “Fraser said Modi gave her a couple of very clear messages in terms of the commitment to the reform agenda continuing, the important role that the private sector plays, and the support that he will certainly be continuing to give different industries going forward.“I just think of the role India plays globally, both from the size of the economy but also the many different companies. It is one of the most important markets for us. The second geography in terms of the number of employees we have around the world is here. It’s one of our largest markets,” she said.Fraser emphasised that most of Citi’s clients globally have major centers in India, not just technology but also participating in the market. And some of its biggest clients are Indian.“And a fairly large number of my management team here today are Indian. So, I think, that’s a reflection of the role India plays globally,” she added.“...And I was very happy in the discussion with Prime Minister Modi about how adamant he was, clear that there’s still complexity to be addressed, but adamant about continuing that (reforms) drive with the same passion and determination that he has to make sure that’s part of his legacy. It’s needed, and it will make a difference in bringing more FDI into the country as well,” she said.Fraser highlighted that one of the things that struck her was meeting companies, which are doing things one would never imagine such as delivery.“Getting things delivered in this traffic in an hour or less is... I mean, I can’t get the groceries delivered to my mother in the south of England with a three-day notice,” she saidMaking “big observation” on India, the Citi Global chief said: There are countries and there are companies that protect what they have, and in the process, they somewhat diminish what they have. Sadly, my original country, the UK, is one of among many such countries in Europe at the moment.“Then there are countries and companies where they build what they build, they build what they need, even if that means disrupting what they have. That’s India,” she added.Published on June 4, 2026
