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HindustanTimes Thu,24 Apr 2014

Stress on equity to wean away gold demand: Kotak

PTI  New Delhi, January 24, 2013
First Published: 22:22 IST(24/1/2013) | Last Updated: 22:23 IST(24/1/2013)

Policymakers need to take urgent steps to make equities more attractive to wean away the investors' interest from an idle asset like gold and channelise the Indian savings into the country's equity markets, top banker Uday Kotak said in Davos.

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Kotak, who heads new generation private banking major Kotak Mahindra Bank, also said that the Indian equity market should give a return of 15-20% this year from the current levels and this growth should also help investors look away from gold towards  equity as an investment option.

"Time has come for Indian savings into Indian equity and we will have to take whatever policy measure we can to achieve this goal of getting Indian savers to the Indian equities," Kotak told PTI.

Kotak had said last year at WEF itself that urgent steps were needed to curb gold demand, especially because of the impact of its enormous imports to meet the demand in India.

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