Uday Kotak, at India Today Conclave Mumbai 2023, said India is extremely well-positioned to achieve 9-10% GDP growth

2024-05-03 10:52:27 Events / Trade Shows

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October 2023, Mumbai: Billionaire banker Uday Kotak shared his insights into India's remarkable economic journey in the post-Covid world and said the country is well-positioned to achieve a GDP growth rate of 9-10 per cent, even as the global economy slows down.

His statement came during a session during the India Today Conclave Mumbai 2023.

Kotak, who recently stepped down from his position as the MD and CEO of Kotak Mahindra Bank, said India is extremely well-positioned to achieve higher growth, amid the ongoing geopolitical and economic shift of powers.

He explained how India has managed to keep its economy steady, supported by a robust financial system, accommodating policies and geopolitical positioning, at a time when formidable economies like China and US are facing a slump in the wake of a global slowdown.

Citing the cracks in the Chinese economy, he said, "It's a very important opportunity for India to grab it and grow at 9-10 per cent, not 6 per cent as we are.

Kotak, however, highlighted that for India to achieve such a high growth rate, "we have to work for it".

"We will have to work for it, have the right polices, right execution, and only then can we take growth to the next level," he said.

"India can do its own way over the next 10 or 20 years, go for 9-10 per cent growth, unleash Indian entrepreneurship, have great guardrails for fair completion and encourage free and fair markets with enterprise to transform India, not just to the third-largest economy but to a much higher per capita income," Uday Kotak added.

Kotak also spoke on a wide range of subjects, including ways to boost private investment, the role of the competition commission's role in creating a level playing field for more companies to grow, the Reserve Bank of India's role in strengthening the economy and banking sector, and the role of artificial intelligence in transforming the future.

Uday Kotak also opened up on what he plans to do next after spending nearly 4 decades shaping the Kotak Mahindra Bank.

"I have been doing this for 38 years and there comes a time to take a view and sit back. For a founder, it's normally difficult to say I give up. But life has a lot more opportunities. I am going back to having a plain white canvas so I can paint the future the way I feel like," he said