Banking  and finance  expert  Uday Kotak  has developed  a financial model through which India can become the world’s largest economy by 2047. 

  India  closes  2023 as the  world’s  fifth largest  economy,  with a GDP of  more than  $3.6 trillion.  Banking  and  finance  expert Uday Kotak has  advised  on how India can  stay  on track to become the  world’s  largest  economy.  

 Kotak  points out  that if this rate  remains  stable, India will become a $30 trillion economy by  2047.  

 As part of his  ‘end of year thoughts’,  Uday Kotak on  UNITED STATES.  To achieve this, India will  need  to  achieve 9%  annual growth, he said. 

  Kotak wrote  about banks,  UTI and LIC.” 

 He  added: “Even  in the 90s, investing in  stocks  was  still  considered  ‘speculative’. As a result,  companies  seeking  capital  have turned  to  foreign institutional  investors (FIIs).  FIIs  see the  potential and  buy up  companies while  Indian  savers stay  away. Companies  that have  raised capital through the  Luxembourg Stock Exchange are  less  well known. Indian  capital  markets have been  exported. ” 

 Uday Kotak  talks about  ‘creating  sustainable  growth’ in India 

 Uday Kotak,  founder of  Kotak Mahindra Bank,  highlights  seven  key  points to  ensure steady growth of the Indian  economy  over  the  next  decade,  focusing  on  increased  investment and  debt reduction.

 The banker said  companies should raise equity  capital  cheaply  for productive use, which will  attract more investors and  lead to  growth in the Indian stock market.

  “While  we must avoid tax arbitrage  on  debt, unless  the  debt  market develops,  it will be a  one-way race,” Kotak said.  The current gap  between  the  39% and 10% top  marginal tax  rates  between debt and equity  may be  too  wide. »  

 He talked about  treating shareholders  as  partners  and suggested  reconsidering  double taxation  of dividends. Low-cost  leverage through derivatives can distort financial markets,  attracting  attention.

  Bankers suggest avoiding  retrospective  taxes  and regulatory  regimes  at all costs. He also highlighted two areas  that  India needs to focus on for steady  growth:  acquisition financing and streamlining  the  IBC/NCLT  process. 

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