You are currently viewing Uday Kotak: Printing Money To Save economy

Uday Kotak: Printing Money To Save economy

HIGHLIGHTS:(Read the whole news at a glance)

  1. India needs to print cash to support the economy that has been damaged by the protracted COVID-19 crisis, one of the country’s top bankers Uday Kotak
  2. This expansion, said the chief executive of Kotak Mahindra Bank, needs to be done in two parts – one for those at the bottom of the resources pyramid, and the other for protection of jobs for sectors affected by the pandemic.
  3. “In my view, this is the time to expand the balance sheet of the government, duly supported by the RBI (Reserve Bank of India)… for monetary expansion or printing of money
  4. For direct cash transfers to the poor, Mr Kotak recommended a government expenditure of up to 1 per cent of the gross domestic product, or between ₹ 1 lakh crore and ₹ 2 lakh crore. This will also in effect strengthen consumption at the bottom of the pyramid, the banker said.
  5. The report’s authors had also asked the centre to expand its fiscal stimulus by providing free groceries and cash transfers to the most vulnerable households as well as launch an employment programme in the worst-hit districts.

New Delhi: India needs to print cash to support the economy that has been damaged by the protracted COVID-19 crisis, one of the country’s top bankers Uday Kotak . This expansion, said the chief executive of Kotak Mahindra Bank, needs to be done in two parts – one for those at the bottom of the resources pyramid, and the other for protection of jobs for sectors affected by the pandemic.

“In my view, this is the time to expand the balance sheet of the government, duly supported by the RBI (Reserve Bank of India)… for monetary expansion or printing of money. Time has come for us to be doing some of that… If not now, when?” Mr Kotak said.

For direct cash transfers to the poor, Mr Kotak recommended a government expenditure of up to 1 per cent of the gross domestic product, or between ₹ 1 lakh crore and ₹ 2 lakh crore. This will also in effect strengthen consumption at the bottom of the pyramid, the banker said.

“Medical benefits to the poorest of the poor need to be given,” Mr Kotak said.

The deadly second wave of the pandemic has hit the almost recovering economy badly. The country had started easing restrictions in phases by January. But a surge in Covid cases in almost every state led to a new round of restrictions, which put brakes on businesses again.

Mr Kotak said two categories of businesses are apparent because of the pandemic – the first are those going through a transitory period because of Covid and are likely to survive the pandemic, and the second are those that are structurally challenged because Covid has changed the business model to an extent that they are no longer viable.

“Do whatever you can to support the first one so that they survive this and come out. For the second one, it’s a much more difficult one. If we believe they can’t sustain in this new world, we have to find appropriate solutions that take care of human sufferings, but you cannot make unsustainable business drag down the economy in the long term,” Mr Kotak said

TRENDING STORIES :

“The government last year announced a very successful lending scheme by banks for the stressed sectors. I’d recommend that the scheme be expanded from the current ₹ 3 lakh crore to ₹ 5 lakh crore and more sectors be included so that greater support to the economy can be given as soon as possible

Some 230 million Indians fell into poverty due to the pandemic last year with young people and women the hardest hit, and the second wave threatens to make matters even worse, a study by the Bengaluru-based Azim Premji University said earlier this month. The months-long lockdown from last March put around 100 million people out of work, with around 15 per cent unable to find jobs even by the end of the year, the study said.

The report’s authors had also asked the centre to expand its fiscal stimulus by providing free groceries and cash transfers to the most vulnerable households as well as launch an employment programme in the worst-hit districts.

FAQ : (People Also Read )

Q1. Which news is trending now?

ANS :Trending News

  • Delhi extends ongoing lockdown by one week: CM Kejriwal. …
  • Delhi registers 412 deaths, highest in a day; over 25,000 new COVID-19 cases. …
  • SBI reduces home loan interest rates. …
  • Anand Mahindra rolls out ‘Oxygen on Wheels’ to tackle oxygen crisis. …
  • ‘9,000 new oxygenated beds in 24 hours, if supplies are on time,’: Delhi CM.

Q2. What is trending in India right now?

ANS .Following are the list of today’s top twitter trending topics in India, Trends last updated 21 minutes ago.

Twitter Trends – India.

RankTrending Topic / HashtagTweet Volume
1.#YellowFungus 17.1K Tweets17.1K
3.#PSBB 15.9K Tweets15.9K
4.#India_With_Ramdev 17.2K Tweets17.2K
5.#SaveLakshadweep 46.4K Tweets46.4K

Q3. What is the popular news?

ANS. Times top10

  • Covid-19: Lockdown in Delhi extended till May 31.
  • Covid-19: Bengaluru hospitals out of beds to treat.
  • IPL phase-2 likely to be held in UAE in.
  • Delhi halts vaccine drive for 18-44, CM Kejriwal.
  • At over 2.5, Delhi’s Covid death rate in May.
  • India, South Africa moot 3-year Covid patent waiver.

Q4. Who is the most trending person?

ANS .9 Most Popular & Trending Celebrities of 2021

  • Lady Gaga. …
  • Taylor Swift. taylorswift. …
  • Selena Gomez. Another Disney star that’s made it in the singing world is Selena Gomez with three successful albums that have ranked in the Billboard Hot 100 list. …
  • Britney Spears. britneyspears. …
  • Zayn Malik. zayn. …
  • Justin Timberlake. justintimberlake. …
  • Beyonce. beyonce. …
  • Kylie Jenner. kyliejenner.

Q5. What is really popular right now?

ANS. The 8 most popular things people are buying right now

  1. Cloth face coverings. …
  2. Hand sanitizer. …
  3. Mother’s Day flowers. …
  4. Active dry yeast. …
  5. A MasterClass subscription. …
  6. Cleaning wipes and spray. …
  7. Toilet paper. …
  8. The best can opener.

Q6. What topics are trending on social media?

ANS . Top 5 Trending Social Media Topics of 2021

  • Emerging Media. Vlogs, videos-on-demand (VODs), e-sports, podcasts, and streaming services are changing the way we consume media. …
  • Maker Movement. …
  • Green Is the New Black. …
  • Wellness Awareness. …
  • Seize the Moment.

Q7. What is the most popular thing on earth?

ANS. Water is the most popular thing in the world because water is the most essential element in life that is craved by people.

Q8. What styles are trending for 2021?

ANS. 10 Coolest Fashion Trends in Spring/Summer 2020

  1. Shoes Worn Over Pants. …
  2. Oversized Victorian Sleeves. …
  3. Chunky Boots with Feminine Dresses. …
  4. Maxi Faux Leather Coats. …
  5. Pastel Bucket Hats. …
  6. Faux Leather Jumpsuits and Boilersuits. …
  7. Matching Printed Tops and Stockings. …
  8. Square-Toed Heels.

Q9. What people buy the most?

With these products, the demand is assured, but so is the competition.

  • Fashion items. Interestingly, fashion is the top selling industry in almost all of the world. …
  • Trips and tourism. …
  • Tech products. …
  • Second-hand sales. …
  • Books and Musis. …
  • Educational Courses.

.Q10 . Where can I find trending topics?

ANS. Here are ten awesome ways in which you can find and write about trending topics:

  • Feedly. Feedly is a great tool to research for trending content. …
  • Medium. Another cool place to find trending content in your industry is Medium. …
  • Quora. …
  • Google Trends. …
  • Buzzsumo. …
  • Reddit. …
  • Linkedin Pulse. …
  • Pocket.
  • trendienewz.com

By Trendienewz.com

Thank you .

Leave a Reply