India Business News: Uday Kotak, Asia’s richest banker by virtue of being the founder of Kotak Mahindra Bank, which he led for nearly two decades, on Saturday announced th
The change in debt fund taxation earlier this year has nudged fund houses like Kotak Mutual Fund to launch asset allocation funds with an equity tax advantage. The funds invest in multiple asset classes and then switch between them, depending on the fund manager’s strategy to ride market volatility and opportunities it presents.
Kotak Mahindra Bank Chairman Uday Kotak on Saturday pitched for businesses to finance climate transition with the government supporting them in terms of gap-funding. Stating that the risk of existential viability of the Earth has to be kept above the business viability, Kotak said businesses need to go beyond capital which expects returns and opt for capital that is ready to take losses.
Countries worldwide require approximately $4.5 trillion in the next 7-10 years to support their development goals, said Uday Kotak, Chair of B20 India Task Force on Financing for Global Economic Recovery. The task force recommends the establishment of a global acceleration fund where businesses would contribute 0.2% of their profits toward social development objectives. Kotak also suggests that Indian companies should allocate 0.2% of their overall CSR contributions to the global acceleration fund.