Kotak Mahindra Bank Chairman Uday Kotak likened the current economic situation to a Bollywood film with a happy ending. Asia’s richest banker said Indian picture looks very challenging at the moment, but it is never as bad as it looks and at the same time it’s never as good as it looks.
“Like a Bollywood story, we are seeing a love story developing in India (in terms of growth), but there are also villains in the middle like slow growth, Indians scared to invest,” Kotak told CNBC.
To overpower this villain, he said India should stick to what it is doing and things will get better over time.
Sharing his own experience, he said looking from a glass of an entrepreneur it has been a exhilarating story for him.
“If you stick to what you are doing and are ready to take risks at the right time, you can get phenomenal returns over a long period of time. India presents a lot of opportunity that no other country gives,”he said on the sidelines of the HT-Mint Asia Leadership Summit.
Kotak said India goes through this phase every few years. “It normally starts when the year ending number is 8. In 1998, we saw the Indian financial sector crisis post the Asian crisis; in 2008 post the global financial crisis; and in 2018 also we saw a beginning of IL&FS crisis and everything else followed,” he said.