)
Joining the debate on deliverables of the Narendra Modi government on the economic front, ace banker Uday Kotak said industry and market expectations need to come down from their “sky high” levels and get attuned to reality.
Kotak also lauded the government’s ‘minimum government and maximum governance’ policy and its commitment to improve ease of doing business, saying these were “two wonderful philosophies” but right execution on the ground would be the key to their success.
He, however, exuded confidence that the economy was “on the right track”, unlike some sections of India Inc that have begun to talk about being disillusioned with the government.
Quite a few industry leaders, including eminent banker Deepak Parekh, have voiced their concern in the recent past that nothing much has changed on the ground. Senior Bharatiya Janata Party leader and former minister Arun Shourie has also said the promised turnaround in economy has not happened.
Alluding to recent correction in indices, Kotak said the “expectations are getting more in tune with the reality as (it) is.”
“Gap between too high expectations versus a steadily better reality is getting bridged... The real economy will continue to show a growth but the gradient will be gradual but more sustainable and markets have to adjust this fact,” he said.
Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited
