Uday Kotak cautions against over-spending to protect the lives of present generation

Economy


Mumbai: Billionaire banker Uday Kotak has cautioned against over-spending to protect the lives of the present generation. Kotak in his annual message to staff said that all are borrowing from the future generations which also includes government spending.

“We must also be clear that we are all borrowing from the future generations,” Kotak said in his note to employees. “This encompasses both spends, with governments having spent huge amounts of money, as also the climate. We owe it to the future generations that we do not overspend on their account just for protecting our lives alone.”

Kotak stressed that a change in mindset was in order for the well-being of the future generations.

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“This change in mindset that we are the trustees of Planet Earth and trustees for future generations is extremely important as we look ahead,” he said.

Kotak added that the public discourse for the most part of 2021 will be dominated by the availability and distribution of the Coronavirus vaccine.

“2021 will be dominated by the vaccine, especially in the first half of the year,” he said. “The questions on people’s minds will be around which vaccine to take, when to take the vaccine, what is the vaccine’s efficacy & effects and will it cure COVID-19 forever or will we have to take vaccines frequently.”

Kotak also said that 2020 has established that digital is here to stay and that institutions will have to find newer ways of doing work more productively and efficiently than before.

Kotak also said that going forward investment and increased focus on education will be the key.

“As we go through these changes, we also owe it to others to increase our focus in areas that were neglected in 2020,” he said. “One of them is education – the education of our future generation.”



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