Mumbai, June 29 -- Veteran banker Deepak Parekh on Monday pitched for banking reforms, including further consolidation in public sector banks and a hike in the sector's foreign direct investment (FDI) limit, to support India's ambition of becoming a $30 trillion economy by 2047. The economy would need to expand seven to eight times over the next two decades to achieve the goal, he added.

The former chairman of HDFC Ltd said reforms should be undertaken "when the sun is shining", pointing to banks' gross non-performing assets (NPAs) of sub-2% , the lowest in decades.

"Public sector banks have already consolidated, but there merits a case for further consolidation," Parekh said, adding that the government had indicated it was working in t...