IBLA 2023 19th Edition: Uday Kotak calls for investment 'animal spirits' to fuel 6.5% GDP growth

At the glittering India Business Leader Awards (IBLA) red carpet event, Uday Kotak shared his optimistic outlook for India's economic trajectory. "We are heading for a 6.5% GDP growth," Kotak remarked, highlighting the time as ripe for the private sector to ramp up its spending. He emphasised the need for the 'animal spirit' to awaken in the economic sector, suggesting that a more aggressive approach to investment and growth should be adopted sooner rather than later.

Kotak also pointed out the stability of India's macroeconomy as a positive sign. With inflation seemingly under control, he expressed hope that maintaining current interest rates, coupled with stable oil prices and positive global economic conditions, could pave the way for more prosperous times ahead.

Focusing on the Reserve Bank of India's (RBI) current stance, Kotak noted, "RBI will hold. Right now, India is on hold for interest rates." He believes that the 6.5% rate is sustainable for the foreseeable future, assuming external factors remain favorable.