India, Sept. 23 -- Principal secretary to Prime Minister PK Mishra on Wednesday outlined the foundations for India's transition from an emerging economy to a leading global economic power, calling for stronger institutions, deeper financial markets and a shift towards innovation-led growth.

Addressing the inaugural session of the 13th SBI Banking and Economics Conclave 2026 in Mumbai, Mishra said India's rise could not be measured by the size of its economy alone. The conclave is being held on the theme "From Emerging to Leading: India's Expanding Role in the Global Economic Order".

Mishra said a leading economy must have the ability to sustain growth, absorb external shocks without disproportionately affecting households and the financ...