Archive · 19 Sep 2026
Uday Kotak Urges India to Reform and Tackle Gold Imports
Uday Kotak said India needs to make important economic changes quickly.
He is especially worried that India buys too much gold from other countries.
He said gold imports could cost around $88–90 billion in FY27.
This could make India’s current account deficit larger.
Kotak also said the government should control large fiscal deficits.
He warned that relying too heavily on financial markets could create risks.
He believes India should build more businesses that sell useful goods and services to the world.
Kotak said the current difficult period is a chance for India to reform faster.
Uday Kotak warned that India’s gold imports could reach $88–90 billion in FY27.
He estimated India’s current account deficit could be about $60 billion in FY27.
Kotak said India could run a current account surplus if it addressed its gold-import dependence.
He called for tighter fiscal discipline, saying deficits above 7% require action despite pressure from states.
Kotak urged India to accelerate reforms and “never waste a crisis” amid a fragile global economy.
- Who
- Veteran banker Uday Kotak.
- What
- Kotak called for faster economic reforms, tighter fiscal discipline, reduced dependence on gold imports, and caution over excessive financialisation.
- When
- Friday, September 18; the article does not specify the year.
- Where
- At the Viksit Bharat FinMin-States Conference.
- Why
- He said India faces a fragile global environment, rising gold-import costs, large fiscal deficits, and changing global economic rules.
- Gold imports forecast
- $88–90 billion in FY27
- Current account deficit forecast
- About $60 billion in FY27
- Fiscal deficit concern
- Kotak said deficits above 7% require tighter finances
- Main reform appeal
- “Break the gold puzzle” and reduce the impact of gold imports
- Global context
- Kotak described the global economy as fragile and said China’s trade surplus was very large
- Financialisation warning
- He cautioned that market-based financing could lead to excessive financialisation
- Reform message
- India should move quickly and “never waste a crisis”