See flat CAD, deficit at 3.6% of GDP by FY16: Uday Kotak

Maintaining a positive view on India’s macro-economic stability, Uday Kotak, Executive Vice-Chairman & MD, Kotak Mahindra Bank, said he sees a flat current account deficit (give or take 0.5 percent) by FY16.

Speaking at the Global Investor Conference, Kotak said he believes the government would certainly be focused on the quantity of fiscal deficit and would like to project it at 3.6 percent of GDP by FY16.

Emphasising the need for an infrastructural development, he said the country needs more roads before it gets more cars.

Discussing the government’s divestment drive, Kotak said the Centre can look at following Gujarat model, wherein the state holds less than 50 percent in most state-owned companies.