Jay Kotak, Kotak Mahindra Bank CEO and billionaire Uday Kotak's son, compared borrowing rates in the UK and India saying, "Colonialism isn't entirely dead!" "India borrows at 7.5% [while] the UK at 4% (10 year government bond). India has similar GDP, higher GDP growth & forex reserves, lower exchange rate depreciation, public debt and fiscal deficit to GDP!" he added.