With India’s Independence Day just around the corner, Asia’s richest banker Uday Kotak has shared a special dream that he wishes to come true by 2047, i.e., the year in which India will complete 100 years of independence.
Uday Kotak has said that he dreams of the Indian rupee becoming a reserve currency by 2047, as the debate over the US dollar’s prized status gains momentum amid widespread de-dollarization moves being taken across the globe.
“I dream of a reserve currency called Rupee…by 2047 if not before,” Kotak said this at the inaugural Rakesh Jhunjhunwala Memorial Lecture organised by Ashoka University on August 2. The year 2047 will be the centenary year of India’s Independence. Billionaire investor Jhunjhunwala passed away on August 14, 2022.
Asia’s richest banker, Kotak, highlighted the importance of a solid current account surplus, a balance of payments, and international trust as he shared his thoughts on reserve currency, as per the Moneycontrol report.
For the unversed, a reserve currency is a foreign currency held by central banks and major financial institutions of different countries to use for international transactions. A reserve currency reduces exchange rate risk since there’s no need for a country to exchange its currency for the reserve currency to do trade. The US dollar has been the world’s principal reserve currency since the end of World War II.
Which Sectors Can Help India Achieve The Dream?
Uday Kotak picked education, defence, economic growth, and social well-being as the areas on which India should focus to become a global leader by 2047.
Expressing concern about climate change as well as growing air pollution, the billionaire laid out a task for the country and policymakers: “Can we work to ensure no Indian city ranks among the top 10 polluted cities?”
Hailing India’s corporate social responsibility (CSR) law as among the finest, he said, “It’s a catalyst that can change the future of India.” As per the report, Kotak also stressed the importance of having world-class educational institutions to fuel innovation, research, and academic excellence.
Praising the strides made by the country in democratising technology, Kotak said the latest advances in technology should reach all segments of society. He further said that the judicial system was important to ensure free thinking and should be made more efficient while maintaining its independence.
For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.