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By Anand Singha Mar 16, 2023 6:02:32 PM IST (Published)
The Kotak Mahindra Bank CEO noted that India's current account deficit is expected to be below 2.5 percent in the current fiscal year, and could potentially go below 2 percent in the next fisc.
Kotak Mahindra Bank CEO Uday Kotak on Thursday, March 16, expressed confidence in India's ability to weather the ongoing global financial turmoil and emerge stronger. In a recent tweet, he noted that the macro factors in India were getting better, and the country could stand strong amid the turbulence.
According to Kotak, the current account deficit in India is expected to be below 2.5 percent in the current fiscal year, and could potentially go below 2 percent in the next fiscal year. He attributed this positive trend to the lower oil prices, which have helped to balance the trade deficit.
He also emphasised the importance of walking the talk and navigating well during these uncertain times. He felt that India has the potential to emerge as a strong player in the global financial markets — however, it will require a strategic and disciplined approach.