{
  "id": 8458459,
  "title": "Uday Kotak Calls For Fiscal Discipline, Manufacturing Push And Reforms To Achieve Viksit Bharat Goal By 2047",
  "url": "https://urgent.news/2026/09/19/uday-kotak-calls-for-fiscal-discipline-manufacturing-push-and-reforms",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-19T11:36:00.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/uday-kotak-calls-for-fiscal-discipline-manufacturing-push-and-reforms-to-achieve-viksit-bharat-goal-by-2047"
  },
  "original_language": "en",
  "account": "Veteran banker Uday Kotak has urged for fiscal prudence, enhanced manufacturing prowess, and reforms to facilitate investment as India aims to realize the vision of Viksit Bharat by 2047. Addressing a conference of finance ministers and secretaries from states and Union Territories organized by the Union Finance Ministry, Kotak emphasized the importance of remaining vigilant to evolving global economic circumstances, despite India's robust international standing. Comparing historical economic influence to the increasing prominence of global technology firms and major economies, Kotak stressed the necessity of safeguarding India's economic autonomy while concurrently bolstering domestic capabilities. Key areas requiring sustained focus, as identified by Kotak, encompass fiscal austerity, fortifying financial institutions, harnessing global disruptions for reform, expanding domestic production, managing gold imports, striking a balance between regulation and growth, and fostering innovation. In terms of fiscal policy, Kotak advocated for tighter oversight of government spending, noting that the consolidated fiscal deficit continues to exceed 7% compared to approximately 6% in the United States. He cautioned against excessive financialization in the early stages of a developing nation's growth trajectory. Kotak also underscored the significance of diminishing reliance on foreign imports and generating commodities and services in demand globally. He stressed that Indians must create leverage by producing what the world desires. Addressing concerns related to current account imbalances, Kotak proposed converting household gold holdings into productive economic channels and called for a balanced approach to financial regulation, advocating for stability without impeding economic expansion. Kotak encouraged conventional businesses to embrace technological advancements, such as artificial intelligence, asserting that economic metamorphosis necessitates companies to adapt and innovate. Additionally, Kotak highlighted the importance of enhanced collaboration between the central government and state governments to navigate global uncertainties and cultivate a more resilient economy.",
  "summary": "Veteran banker Uday Kotak has called for stronger fiscal management, greater manufacturing capabilities and reforms to attract investment as India prepares to achieve its vision of Viksit Bharat by 2047. Speaking at a conference of finance ministers and finance secretaries of states and Union Territories organised by the Union Finance Ministry, Kotak said India must remain alert to changing…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}