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India's foreign exchange reserves still robust to defend rupee: Economists
India's foreign exchange reserves still robust to defend rupee: Economists Business Standard
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India's foreign exchange reserves still robust to defend rupee: Economists Business Standard
Finance industry veteran Uday Kotak said on Tuesday that India must reduce its reliance on foreign investment and prioritise building a robust domestic base of long-term risk capital to become truly economically self-sufficient, as reported by PTI.Addressing a Confederation of Indian Industry (CII) event, Kotak remarked that a truly self-reliant nation is one that “does not need to depend on somebody else's money or power.”Referring to Prime Minister Narendra Modi's call to celebrate weddings in India rather than overseas, Kotak said the message had a deeper significance. "A true, truly Aatmanirbhar, self-reliant country is the one which does not need to depend on somebody else's money or power," he said.People also askAI powered insights from this story•5 QUESTIONSUday Kotak is concerned that India relies too heavily on foreign investment and urges companies to prioritize building a robust domestic base of long-term risk capital for true economic self-sufficiency.Kotak suggests India has financialised too early because many companies are excessively focused on short-term gains like quarterly earnings and stock prices, rather than building businesses with a longer-term perspective of three to five years.Uday Kotak advocates for strengthening India's economic balance sheet and P&L by boosting domestic production, increasing exports, and reducing dependence on imports.Domestic investors and the increasing role of mutual funds are helping India rely less on foreign investments. Greater participation by retail investors in mutual funds fosters a stronger domestic equity culture and creates a dependable source of long-term risk capital.Sunil Bharti Mittal supports Prime Minister Modi's appeal and believes it's the right time for India to "double down" on investing within the country, rather than being obsessed with importing items like gold.Against the backdrop of global economic uncertainty triggered by the West Asia conflict, Modi had appealed to people to avoid destination weddings abroad, limit foreign travel and opt for work-from-home, a pandemic-era practice, wherever possible.Kotak, who is the founder of private sector lender Kotak Mahindra Bank, said the global environment is becoming increasingly fragmented, with countries prioritising their own strategic interests, making it imperative for India to strengthen its domestic economic foundations.Calling it a "provocative" statement for a finance professional, Kotak said, “India has financialised too early.”He said many companies have become excessively focused on quarterly earnings, stock prices, and employee stock option gains, rather than building businesses with a three- to five-year perspective."I would strongly urge companies to not be excessively focused on the short-term stock price... but think about building a company three to five years," he said.Kotak said India had relied heavily on foreign portfolio investment (FPIs) for many years and only after the pandemic did domestic investors begin to play a larger role in capital markets.He urged companies to reinvest profits rather than simply managing large treasury portfolios."Corporate India has got a phenomenal tax rate. What have you done with it? Are we reinvesting or running corporate treasuries?" he asked.Kotak said governments are generally poor allocators of capital and suggested that policy support should focus on encouraging fresh investments through additional investment allowances rather than relying solely on existing tax incentives.He also stressed the need for India to strengthen its economic "balance sheet and P&L" by boosting domestic production, increasing exports and reducing import dependence."We need our balance sheet and P&L to be able to produce, or there will come a time when we will find it difficult to buy," he said.While acknowledging that India’s overall economic position has strengthened considerably, with a reduced current account deficit and healthier foreign exchange reserves, Uday Kotak
A memorandum of understanding on foreign language learning, signed by the Rajasthan government in Jaipur on Friday (May 1, 2026), is set to open new opportunities for the youth and provide a global platform for their skills and talent. It will also strengthen tourism and local industries by improving communication with foreign visitors.The MoU for a foreign language communication skills programme was signed between the State government and the English and Foreign Languages University, Hyderabad, in the presence of Union Education Minister Dharmendra Pradhan at B.M. Birla Auditorium in Jaipur....
India and New Zealand discuss dual degree programmes to enhance student mobility, details here India Today
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