Uday Kotak applauds the American model of printing more money
On 28 May, Kotak had asked both the Reserve Bank of India (RBI) and the government of India to print more money to help India overcome the covid-induced impact on the economy.
Kotak Mahindra Bank’s chairman and managing director Uday Kotak, tweeted about how America is rescuing the economy amid the coronavirus pandemic. He pointed out the power of America’s currency ‘the dollar’ and its model of solving a crisis by printing more money.
His tweets come at a time when the economists are stating lower growth estimates for India’s economy due to the second wave of the pandemic.
How to solve a crisis the American way – print money.$6.5 trillion created from thin air in 13 years. The power of the $ being a Reserve Currency! What about the future from here? pic.twitter.com/dUCGtMZOP2
— Uday Kotak (@udaykotak) June 3, 2021
On 28 May, Kotak had asked both the Reserve Bank of India (RBI) and the government of India to print more money to help India overcome the covid-induced impact on the economy.
The American model is focused to keep the markets functioning. Many Federal reserve experts have claimed that this strategy makes credit easier to obtain, with greater money supply and lower interest rates.
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Kotak had propagated the same for India a few days back. He had said that the time has come when the government will have to print notes and distribute them to the poor and also help the vulnerable industries.