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Uday Kotak Told How To Reach 30 Trillion Dollar Economy In 2047 Nirmala Sitharaman Said Thank You

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30 Trillion Dollar Economy: Uday Kotak, founder and director of Kotak Mahindra Bank, had recently said that India’s GDP will reach 30 trillion dollars after completion of 100 years of independence. He also gave his suggestions to achieve this goal. Finance Minister Nirmala Sitharaman has thanked him on this.

Indians used to invest only in gold and property

Uday Kotak, considered a veteran of the banking world, had given 7 suggestions to achieve the target of 30 trillion dollar GDP. He also discussed the reforms made for investors. He said that in the 80s, investors used to invest only in gold and property. He had no confidence in other investment options. Then in the 90s, people started investing in banks, UTI and LIC.

Changes turned savers into investors

According to Uday Kotak, investing in equity was considered beyond imagination. Therefore, companies were looking for FIIs for capital. Companies had to raise money even from small places like Luxembourg Stock Exchange. India’s capital market was going out. However, the situation changed from the year 2000. Changes in the tax regime on mutual funds, cash equity and derivatives markets, insurance funds, global private equity, AIF and equities transformed savers into investors.

Uday Kotak gave these 7 suggestions

Recently Vijay Shekhar Sharma of Paytm had called Uday Kotak the Jamie Dimon of India. According to Kotak, to achieve sustainable growth it is necessary to pay attention to these seven things.

  • Doubts will have to be removed by policies, rules and educating people. Companies will have to use the capital for positive purposes by giving equity at a low price.
  • Tax arbitrage on loans should be avoided in the country.
  • There is a need to avoid double tax on dividends.
  • Offering profits at low prices through derivatives can have a negative impact on the financial market. Attention should be paid to this.
  • Banks need to focus on small industries, medium corporates and consumers.
  • Tax and regulatory provisions need to be simplified.
  • Capital for acquisition and IBC and NCLT process should be immediately addressed.

Sitharaman and Suresh Prabhu appreciated

Finance Minister Nirmala Sitharaman thanked Uday Kotak and said that your experience in the banking sector is vast. Former Railway Minister Suresh Prabhu has also appreciated the suggestions of Uday Kotak. On Thursday itself, RBI had appointed CS Rajan as the new chairman of Kotak Mahindra Bank in place of Uday Kotak. Uday Kotak had left the post of MD and Chairman of the bank.

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