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Citibank India CEO K Balasubramanian says India has “not too much to show on AI”, and argues that a change in the global AI story could affect whether foreign capital returns to the country.

In an interview with The Economic Times, Balasubramanian said investors compare potential returns across markets. He described AI as a major play in the US and said he did not think new foreign capital was coming into India under current conditions. It is one banking executive’s assessment, not a measure of investment flows or a forecast everyone shares. But it ties a practical question about India’s appeal to investors to the AI build-out: can the country offer opportunities that compete with the US?

Discuss: Should India treat AI investment as a priority for attracting foreign capital, or focus on other strengths even if investors favour the US AI boom?

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