21
Sep
Uday Kotak, founder and director of Kotak Mahindra Bank, has called for reforms to address India’s high gold imports and their impact on the country’s current account balance. Speaking at a conference of state finance ministers and finance secretaries in Delhi, Kotak suggested setting up a committee to explore ways of meeting household demand for gold while limiting its impact on the external account. He noted that Indian households hold significant wealth in gold, but much of it remains outside productive economic activity. India recorded a current account deficit of around $25 billion in FY26, while gross gold imports stood…
