Mumbai, Sept. 23 -- India will need large volumes of long-term capital over the next two decades to finance infrastructure, manufacturing, urbanisation and the energy transition, PK Mishra, Principal Secretary to the Prime Minister, said on Wednesday as he called for a deeper corporate bond market and a broader shift in how the financial system supports growth.

Addressing the 13th SBI Banking & Economics Conclave in Mumbai, Mishra said the financial system must move beyond expanding access to accounts and credit and play a larger role in financing India's next phase of economic expansion.

"The financial system must now increasingly move from accommodating growth to enabling growth," Mishra said.

India will have to mobilise "very large ...