Since the onset of the US‑Iran conflict, India’s gold imports have been under scrutiny, tightening an already strained import bill as oil prices climb and the rupee slips.--- During the conference in New Delhi, Kotak warned that the country’s gross gold import bill could swell to $88‑90bn in FY27, noting that it had already accounted for $72bn in FY26. He added that if oil prices averaged $90, the current‑account deficit could rise to $60bn, and called for a committee to find a solution that balances household demand with macro‑financial stability.--- Kotak highlighted that with gold imports so high, India’s current account surplus would vanish if excluded, and stressed fiscal consolidation. "At 7 plus percent consolidated fiscal deficits, we need to get tighter," he said, noting that the country is still far from the 5% target.--- He warned that capital markets should focus on capital formation rather than becoming a playground for trading volume. "When the objective of capital formation gets lost and we focus on just markets, volumes and trading, we run the risk of missing the key reason why we have financial markets," he cautioned.--- Kotak urged the government to seize the global crisis as an opportunity to accelerate reforms, boost production of goods and services that the world demands, and increase coordination between the Centre and the states. "We must make full use of the crisis and implement measures at speed and alacrity," he said.--- He called for a committee to be formed within weeks to examine how to curb gold imports while respecting household demand, and urged the finance ministry to act swiftly on the proposal.