Veteran banker Uday Kotak on Wednesday defined the role of government, under the leadership of Prime Minister Narendra Modi, during the pandemic using three words -- tenacity, strategy and execution.
Speaking at the CII Global Economic Policy Summit, Kotak said he also thinks of these three words when it comes to India's future.
"If I have to define the role of the government under the leadership of the prime minister and the finance minister, there are three words that come to my mind -- tenacity, strategy and execution. We were tenacious and resilient through the thick and thin in these past 18 months. We built a strategy that was unique and bold. We thought about Atmanirbhar Bharat through this period. And in today's times of supply shocks, the vision of the prime minister to think about it, in the context of India's future, couldn't have been better timed," he said.
Kotak also said that India is ready to take bold decisions as demonstrated by the Finance Minister in the Union Budget. "A whole host of bold initiatives for a socially superior outcome have been taken," he said.
"We now have two important processes of intermediation, with both getting their due, one being the continued growth in the saver-borrower intermediation and the other relating to the importance of intermediation between investor and issuer," he said.
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Speaking at the summit, Finance Minister Nirmala Sitharaman said she wants India Inc to be a lot more risk-taking, build capacity and understand what the country is looking for. "We want the Indian industry to come forward and expand," she said.
The finance minister said it is due to the collective efforts of the people that India has bounced back as the fastest-growing economy despite the pandemic hitting it hard. "We are able to stand up today and say that we are one of the fastest-growing economies, despite the pandemic. Credit is to be given to the people," she said.
Speaking about the Indian industry, she said, "I have always held it as a principle that the compartments in which we would want to put demand side and supply side are fantastic only when you are in a classroom teaching students".
Whether you are building a road or mass housing, you need to be scaling up and speeding up, she said, adding it is this work which would gain traction in “government policy and the government's funding initiative".
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