 "Uday Kotak")
Financial services industry veteran Uday Kotak (pictured) on Thursday said the successful quick commerce (qcom) trade posed a challenge to retailers and would become a political issue. Speaking at an event organised by CNBC TV18, Kotak also pitched for Indian businesses becoming more competitive in a “free and fair trade”.
“Qcom has a challenge to the local retailer and it is a challenge which will come to the political front,” he said in comments that come a day after listing of Swiggy, a prominent name in the qcom side.
The founder and non-executive director of Kotak Mahindra Bank said India was a unique country where quick service retail has succeeded, unlike in most other parts of the world where this model has not been as effective. This was a positive sign, where Indian innovation was working on the ground and some of this value creation was indeed real and sustainable, he said.
However, India was yet to deliver consumer brands like Apple, Meta, Unilever etc which were a key feature in any developed country or region, Kotak said, exhorting Indian businesses to focus on product and creativity.
Kotak also said that the protection for domestic players in the domestic market is “very dangerous” from a long-term competitiveness perspective. “I’d love to see Indian business being competitive in free and fair trade. We should move in the direction of open trade rather than protecting domestic business,” he said.
The billionaire banker said foreign portfolio investors have over USD 900 billion invested in the Indian markets, and with the changes which will happen under a Trump administration or any other global event, the country needs to be ready for 5-10 per cent of it moving out.
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Kotak also pitched for an increase in the defence budget, saying it is strength on this front that shows the true prowess of a country.
(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)
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