One of the top bankers of India, Uday Kotal has said that the country now needs to print cash to support the economy that has taken a substantial beating due to the second wave of coronavirus pandemic.. The chief executive of the Kotak Mahindra Bank said that the monetary expansion is needed to be done in two parts, first is for those who are at the bottom of the resources and the second is for the protection of the jobs sector which has been affected due to the pandemic.
Kotak said “In my view, this is the time to expand the balance sheet of the government, duly supported by the RBI... for monetary expansion or printing of money. Time has come for us to be doing some of that... If not now, when?.”
He has also recommended a expenditure of the government for up to 1 percent of the GDP which should be directly transferred to the poor. This would count to rupees 1 lakh to 2 lakh crore. The consumption at the bottom of the pyramid would also be strengthened in this way, according to the banker.
He said “If we believe they can't sustain in this new world, we have to find appropriate solutions that take care of human sufferings, but you cannot make unsustainable business drag down the economy in the long term.”
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