Uday Kotak, chairman and MD of Kotak Mahindra Bank, has said that the country’s economy has been severely affected due to the Kovid-19 epidemic and to improve it, more currency notes need to be printed in the country. They said that, "I think this is the time for the government to increase its balance sheet with the help of Reserve Bank of India (RBI). RBI needs to print more currency notes for this. The time has come that we should take these steps as soon as possible for the betterment of the economy. If we do not do it at this time, when will we do it."
Uday Kotak also said that, "This work needs to be done keeping in mind two aspects. One, it should be provided to those who are poor and who have the least resources available. Also, the sectors which have been affected greatly due to Corona epidemic should also be provided financial assistance. So that there is no impact on the jobs of the people working in them."
Uday Kotak said that to transfer direct cash to the accounts of the poor, the government needs to spend one percent of GDP or one lakh to two lakh rupees. This will strengthen the labor consumption of people living below the poverty line." Also he said that, "During the epidemic, people living below the poverty line need to be given medical help for better treatment."
Business divided into two categories due to epidemic & nbsp;
Uday Kotak said that due to the epidemic, two categories of business have been formed in the country. One who has less impact due to Kovid and he will be successful in saving himself even in this epidemic. Others are businesses that are facing challenges in their structure. Due to Kovid, the business model has changed so much that now it does not seem as practical at this time.
You should help all the businesses involved in the first category so that they can come out of this epidemic easily. In the case of the second category of business, it will not be so easy. If we feel that the business involved is not able to protect themselves in this time, then we should also try for them."& nbsp; They said, "To support small and medium businessmen, I will definitely recommend the government to bring another economic package."
He said, "Last year, the central government announced a Rs 3 lakh-crore emergency loan facility guarantee scheme (as part of the Self-Reliant India Package. I request the government to give credit guarantee to small businesses without any guarantee to them Under the scheme, consider increasing from Rs. 3 lakh crore to Rs. 5 lakh crore. Also more and more sectors should be included in it."
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