‘I take advice from Mukesh Ambani, KV Kamath, I don’t give it to them,’ says Uday Kotak

Uday Kotak, banker extraordinaire and founder of Kotak Mahindra Bank spoke at length about India’s position in the global economy, competitive spirits, how to compete with China, and what advice he would give Mukesh Ambani and ace banker KV Kamath, the force behind Jio Financial Services, the new entrant in the financial sector.

Kotak was speaking at India Today Conclave Mumbai 2023 with India Today News Director Rahul Kanwal. When asked what advice Kotak, who has nearly 40 years of experience in the banking sector, would give Ambani and Kamath, the banker said, “I take advice from Mukesh and KVK, I don’t give it to them.”

Kotak, who stressed on the importance of competition within sectors and a stronger role for the Competition Commission of India, said that the entry of Reliance Industries into financial services is a good thing as it will keep the competitors on edge.

“Jio’s entry into financial services is a very good thing because you really want people in any sector to always be on the edge. The moment you get complacent, things don’t move. And being on the edge is critical for any company’s future. And I believe in the line ‘only paranoids survive’. If you are paranoid, you will survive, if you are not, you don’t need to be in the business,” said Kotak.

He said he has great respect for what Reliance and any of the other big business houses have created. “I think they have really created world-class institutions of excellence. I am fully supportive of what they have done in the building of India. In addition to what they have done, India needs a lot more,” he said.

Kotak said that India’s competitiveness must be looked at and questioned why India has a net trade deficit with China. “Despite China’s troubles, why does India have a net trade deficit with China close to $100 billion a year? Why is it that we in India cannot manufacture? Why do we find it cheaper to import from China? We need to ask our corporates,” he said.

Also read: The new Kotak Mahindra Bank: How the financial services giant is transitioning to new leadership after Uday Kotak