16 hrs ago
Uday Kotak urges fiscal discipline, reforms for developed India
Uday Kotak said India needs to manage its money carefully and make economic reforms.
He wants India to become a developed country by 2047.
He said India should make more goods and services at home instead of depending heavily on imports.
Those products should be useful and attractive to buyers around the world.
Kotak warned that changing global power and large technology companies could create challenges for India.
He said the central and state governments should work closely together.
He also said India must keep its financial system safe without making too many rules that slow growth.
Kotak suggested finding productive uses for the gold held by Indian households.
He encouraged businesses to use new technology, including artificial intelligence, and adapt to economic change.
Uday Kotak called for fiscal discipline, reforms and stronger manufacturing to help India become developed by 2047.
He warned that global power shifts and major technology companies could challenge national sovereignty and economic independence.
Kotak outlined seven priorities, including fiscal consolidation, financial-system strength, domestic production and balanced regulation.
He urged India to reduce import dependence and produce goods and services that global markets want to buy.
Kotak called for productive use of household gold and encouraged businesses to embrace innovation, artificial intelligence and creative destruction.
- Who
- Veteran banker Uday Kotak.
- What
- He called for fiscal discipline, economic reforms, stronger manufacturing and other measures to help India become a developed nation by 2047.
- Where
- At a conference of finance ministers and finance secretaries from Indian states and Union Territories organized by the Ministry of Finance.
- When
- The remarks were made on Friday and published on September 19, 2026.
- Why
- To help India manage global economic and geopolitical challenges, strengthen economic independence and achieve the Viksit Bharat goal by 2047.
Key facts
- Speaker
- Uday Kotak
- Development target
- India aims to become a developed nation by 2047
- Fiscal deficit comparison
- India’s consolidated fiscal deficit remains above 7%, compared with around 6% in the United States
- Policy priorities
- Kotak outlined seven areas, including fiscal consolidation, financial-system strength, domestic production, gold-import management, balanced regulation and creative destruction
- Manufacturing goal
- India should produce goods and services that global markets want to buy
- Gold policy
- Household gold wealth should be channeled into more productive economic use
- Business message
- Traditional businesses should embrace innovation, artificial intelligence and technological change
Quotes
Uday Kotak
Veteran banker speaking at a Union Finance Ministry conference.
“"Excessive financialisation early in the life of a developing country towards development is something India needs to be careful about,"”
livemint.com
thehindubusinessline.com
“"We as Indians need to create leverage where we produce things, goods, and services which the world wants from us,"”
livemint.com
thehindubusinessline.com
Sources
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