A strong domestic economy, significant positioning of exports, stable financial sector and meeting the challenge of jobs are critical focus areas for India to help get global leadership, said veteran banker and CII President Uday Kotak on Wednesday.
“It is crucial for India…to help it get global leadership,” Kotak said at the CII Western Region Annual Meeting 2020-21 and Conference on Regaining Growth: From Crisis to Opportunities while highlighting eight key themes for this.
Apart from the focus on consumption, there is also a need for infrastructure and investment, which the Budget has highlighted, for a robust domestic economy, he said.
Similarly, as part of the Aatmanirbhar efforts, there should be significant positioning in Indian exports.
Kotak, Managing Director and CEO, Kotak Mahindra Bank noted that Indian businesses also need to lead in technology and research and work on climate change, environment and sustainability.
The Covid-19 pandemic has also broken the barriers of region, states and countries, which are now taken over by the digital world, he further noted.
He also said that healthcare would be an essential focus in the future.
Kotak also noted a need for long term saving in long term risk capital by Indians and while we should welcome global capital, we should not be dependent on it for our destiny.
“The bulk of savings is in risk-averse avenues,” he noted, adding that Indian savings are not really channelled in private equity and venture capital, where a disproportionate part is from foreign savings.