Uday Kotak urges India to let rupee find its own level

India: India is the world's largest democracy and a leading emerging economy focused on strengthening its manufacturing base through initiatives like Make in India. It faces ongoing pressures on its currency from global trade shifts, oil prices, and capital movements. The news centers on a policy recommendation for its exchange rate management to better reflect underlying economic strength. Uday Kotak: Uday Kotak is the founder and a director of Kotak Mahindra Bank, one of India's major private sector banks. He is a prominent billionaire banker known for his views on economic and financial policy. At the Bloomberg New Economy Forum in New Delhi on October 13, 2026, he stated that India should allow the rupee to find its own market-determined level amid shifting global capital flows. Currency Management: The Reserve Bank of India has recently emphasized that it intervenes only to curb excessive volatility in the foreign exchange market and does not target any specific level for the rupee. Economic Partnerships: Indian companies are exploring manufacturing joint ventures with Chinese firms under the Make in India program as part of efforts to diversify investment sources amid changing global trade dynamics.