Budget 2021: Uday Kotak hails FM Sitharaman for opting for higher borrowing to boost growth

In his first reaction to Budget 2021, Uday Kotak, President CII and CEO of Kotak Mahindra Bank, hailed Finance Minister Nirmala Sitharaman as "bold" for opting for growth by taking the path of higher borrowing.

“The Finance Minister (FM) Nirmala Sitharaman has truly produced a historic Union Budget 2021 with growth at the centre and next generation reforms,” he said.

“We have seen many specific moves by the FM in the areas of healthcare, infrastructure, financial sector, resolution of bad loans, opening of the insurance sector and a whole host of areas which are going to give a big fillip to growth. The FM has also taken a bold move to go for a higher borrowing and bulk of the money is being put into capital expenditure rather than into revenue expenditure. Therefore we are going for growth and we would like to make growth work for us over the next few years even if it means higher borrowing, borrowing on the balancesheet of the sovereign,” he said.