更高的借贷成本可能即将到来。乌代·科塔克预计，印度储备银行今年将加息最多75个基点，同时呼吁进行税收改革，以吸引长期全球资本进入印度。
Higher borrowing costs may be on the horizon. Uday Kotak expects the RBI to raise rates by up to 75 basis points this year, while also calling for tax reforms to attract long-term global capital into India.
资深银行家乌代·科塔克预计，本财年印度利率将上升多达75个基点，这暗示印度储备银行可能会在多次审议会议上继续收紧政策，直至2027年4月。
Veteran banker Uday Kotak expects interest rates in India to rise by as much as 75 basis points this financial year, signalling that the Reserve Bank of India may continue tightening policy through multiple review meetings until April 2027.
在印度商业领袖奖（IBLA）评审讨论小组上发言时，科塔克表示，未来几个月借贷成本可能走高，凸显出他对利率周期的谨慎看法。
Speaking at the India Business Leader Awards (IBLA) jury deliberations panel, Kotak said borrowing costs are likely to move higher in the coming months, underscoring his cautious view on the interest-rate cycle.
在由CNBC-TV18的谢琳·班主持的一场讨论中，科塔克表示，印度储备银行的基准回购利率仍处于上行轨道，未来几个政策周期内可能进一步加息。
During a discussion moderated by CNBC-TV18's Shereen Bhan, Kotak said the RBI's benchmark repo rate remains on an upward trajectory, with further rate increases likely over the next several policy cycles.
我认为回购利率从现在到4月将至少上升75个基点乌代·科塔克，资深银行家 “这是我的看法。如果更低，那也随它去。但我认为利率将从现在水平上升75个基点。有三次政策会议——12月、2月和4月。所以，我们看看情况如何发展。” 如果加息幅度低于50个基点，我会感到意外；如果超过100个基点，我也会感到意外。乌代·科塔克，资深银行家 除货币政策外，科塔克还呼吁对外国证券投资者（FPI）税收进行结构性改革，并敦促政策制定者简化主权财富基金和养老基金的税收规则，以吸引更多长期资本进入印度。
I think repo rates will rise by at least 75 basis points between now and AprilUDAY KOTAK, VETERAN BANKER "That's my view. If it's lower, so be it. But I am of the view that interest rates will move up by 75 basis points from here. There are three policy meetings — December, February and April. So, let's see how it goes." I would be surprised if the increase is less than 50 basis points, and I would be surprised if it is more than 100.UDAY KOTAK, VETERAN BANKER Beyond monetary policy, Kotak called for a structural overhaul of foreign portfolio investor (FPI) taxation and urged policymakers to simplify tax rules for sovereign wealth and pension funds to attract more long-term capital into India.
他还对散户越来越多地参与黄金共同基金表示担忧，认为储蓄应被引导至支持经济增长和资本形成的有生产性的国家资产。
He also expressed concern over growing retail participation in gold mutual funds, arguing that savings should be channelled towards productive national assets that support economic growth and capital formation.
对于市场要求减免资本利得税以遏制外资流出的呼声，科塔克提出了一种区别对待的方案，而非一刀切地减税。他建议，外国投资者的资本利得税可以以美元计价为基础，而非以卢比计价，而印度投资者仍保留卢比结构，以维持货币平价。
On market demands for capital gains tax relief to stem foreign outflows, Kotak outlined a differentiated approach rather than an across-the-board cut. He proposed that foreign investors' capital gains tax could be dollar-currency-based rather than rupee-currency-based, while Indian investors remain under the rupee structure to maintain currency parity.
他说：“作为补充，我们或许可以重新考虑或放宽对主权基金和养老基金的限制，这些基金在其本国市场并不缴税。它们可以被归入一个单独的类别，在外国证券投资（FPI）方面不征税。”他提到此前曾向阿布扎比投资局等机构提供的有针对性豁免。
"As an addendum to that, we may want to rethink or consider a relaxation for sovereign funds and pension funds that don't pay taxation in their home markets. They could be considered in a separate category without taxation on the FPI side," he said, citing targeted exemptions previously provided to institutions like the Abu Dhabi Investment Authority.
减税会提振外资流入吗？@udaykotak 认为“外国投资者的资本利得税可以以美元计价，而非卢比”“我们可能会考虑对主权基金和养老基金给予一定放宽” #印度 #IBLA #IBLA2026 #IBLAJury #CNBCTV18Digital @ShereenBhan —— CNBC-TV18（@CNBCTV18News）2026年11月4日 科塔克还指出了国内股票与固定收益之间税收的显著差距。
WILL TAX CUTS BOOST FOREIGN INFLOWS? @udaykotak Take 'Capital gains tax for foreign investors could be dollar currency based vs rupee' 'We may look at some relaxation for sovereign & pension funds' #India #IBLA #IBLA2026 #IBLAJury #CNBCTV18Digital @ShereenBhan — CNBC-TV18 (@CNBCTV18News) November 4, 2026 Kotak also flagged the stark disparity in domestic taxation between equity and fixed income. "I think that in India, while there is a clamour for a reduction in capital gains tax for Indian investors from 12.5%, plus surcharge, which comes to around 14%, the taxation on interest income is at the highest marginal rate of 39%.
“我认为，在印度，虽然有人呼吁将印度投资者的资本利得税从12.5%加附加费（合计约14%）下调，但利息收入的税率却是39%的最高边际税率。我认为，约14%与39%之间的差距非常大。”
I think the gap between around 14% and 39% is very wide.
“这需要缩小，”他说道，并澄清：“我并不是建议提高股票的长期资本利得税，但这个差距太大了……股权风险相对于债务风险必须享受更低的税率，但39%和14%之间的差距非常大。”在谈到宏观经济贸易失衡问题时，科塔克认为，家庭对贵金属基金的过度投资正在抽走本应流向制造业和基础设施的资本。他指出，2026年3月印度的经常账户赤字为260亿美元，而该国进口了价值720亿美元的黄金，并预测本财年黄金进口额将达到900亿美元，而经常账户赤字估计为700亿美元。
That needs to be narrowed," he observed, clarifying: "I'm not suggesting an increase in long-term capital gains tax on equities, but this gap is too wide... there has to be lower taxation on equity risk versus debt risk, but the gap between 39% and 14% is very wide." Turning to macroeconomic trade imbalances, Kotak argued that excessive household investment in precious metal funds is draining capital away from manufacturing and infrastructure. He pointed out that while India’s current account deficit stood at $26 billion in March 2026, the country imported $72 billion worth of gold, and projected gold imports of $90 billion against an estimated $70 billion deficit in the current fiscal.
印度投资者为何将黄金和白银ETF及共同基金作为金融资产购买？这是该国承受不起的。资深银行家乌代·科塔克 “在我看来，让这些钱流向生产性资产。让它流向芯片。让它流向半导体。让它流向股票。让它流向债券。让它流向建设新的制造能力、研究、创新和技术。”
Why are Indian investors buying gold and silver ETFs and mutual funds as financial assets? This is something the country cannot afford.UDAY KOTAK, VETERAN BANKER "In my view, let that money go into productive assets. Let it go into chips. Let it go into semiconductors. Let it go into equities. Let it go into debt. Let it go into building new manufacturing capabilities, research, innovation and technology."
在评估美国中期选举的影响时——民主党控制了国会——科塔克指出，这一结果应会缓解全球人工智能基础设施面临的直接竞争压力：“有一点似乎很清楚，那就是民主党击败了共和党，这应该会减缓美国新增数据中心容量的建设速度，因为电力消耗面临巨大压力，而电力是数据中心的一个主要因素。这给了印度一些追赶的喘息时间。”
Assessing the impact of the US midterm elections, where Democrats took control of Congress, Kotak noted that the outcome should ease immediate competitive pressure on global AI infrastructure: "One thing that seems to be clear is the Democratic win versus the Republicans, which should slow down the speed at which new data centre capacity comes up in the US because of the huge pressure on power consumption, which is a major factor for data.
“由于电力消耗压力不断加大，#USMidterm（美国中期选举）的结果可能会减缓美国新增数据中心容量的步伐，给印度一些喘息空间”，@udaykotak，@KotakBankLtd创始人兼董事说道。
It gives India some breathing time to catch up." "The #USMidterm outcome could slow the pace of new data centre capacity in the US due to mounting pressure on power consumption, giving India some breathing space", says @udaykotak, Founder & Director, @KotakBankLtd.
“印度应在研发、技术和制造业全力以赴以实现赶超” #India #IBLA #IBLA2026 #IBLAJury #CNBCTV18Digital @ShereenBhan — CNBC-TV18 (@CNBCTV18News) 2026年11月4日他警告不要单纯依赖“反AI交易”来提振国内股市，并呼吁与北京开展更深层次的商业合作，以增强国内能力。
“India should go all out in R&D, tech and manufacturing to catch up” #India #IBLA #IBLA2026 #IBLAJury #CNBCTV18Digital @ShereenBhan — CNBC-TV18 (@CNBCTV18News) November 4, 2026 He warned against relying purely on an anti-AI trade to lift domestic bourses and called for deeper commercial collaboration with Beijing to bolster domestic capability.
“我们应该从经济角度重新思考我们的战略，包括与中国的战略，”科塔克指出。“我欢迎印度企业走出去，与中国顶尖公司在各个领域建立合资企业，并将制造设施迁移至印度。” “印度需要从经济角度重新思考其对华战略”，Kotak Bank Ltd.创始人兼董事@udaykotak表示。他欢迎印度企业与北京开展业务，并将制造设施迁至印度。
"We should be rethinking our strategy, including with China, from an economic point of view," Kotak noted. "I would welcome Indian businesses going out there and entering into joint ventures with top-end Chinese companies in various sectors, and moving manufacturing facilities to India." 'India needs to rethink its strategy with China from an economics point of view', says @udaykotak, Founder & Director, @KotakBankLtd. He welcomes Indian business doing businesses with Beijing and move mfg facilities in India.