BackUday Kotak speaks on global economic order, says India at turning point
The ace banker further also added that India has navigated geo politics deftly adding that countries like China, Europe, UK are struggling on geo politics and economics.
PremiumKotak Mahindra Bank chief executive Uday Kotak on 19 September spoke on global economic order saying that India is at a turning point.
The ace banker further also added that India has navigated geo politics deftly adding that countries like China, Europe, UK are struggling on geo politics and economics.
He also said that India can become a standalone investment destination if both inflation and growth is managed well.
“If we manage both inflation and growth, we can move out of emerging markets pack to a standalone investment destination," Kotak said.
On his official twitter handle, the he wrote, “India sits at a turning point in the global economic order. China, Europe, UK struggle on geo politics and economics. India has navigated geo politics deftly. If we manage both inflation and growth, we can move out of emerging markets pack to a standalone investment destination."
Recently when India surpassed Britain and become the world's 5th largest economy, Uday Kotak also hailed for this unprecedented but he also gave a reality check on the "population denominator". Kotak wrote, “Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5 trillion vs the UK $3.2 trillion." India has a population 20 times that of the UK and so its GDP per capita is lower.
India overtook the UK to become the world's fifth-largest economy and is now behind only the US, China, Japan, and Germany, according to IMF projections. A decade back, India was ranked 11th among the large economies while the UK was at the fifth position.
As per a report by the State Bank of India (SBI) has foreseen that the country will outstrip two other major economies by the end of this decade.
The SBI's Economic Research Department predicted that India would surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth and become the world's 3rd largest economy--a movement of 7 places upwards since 2014 when India was ranked 10th. This is a remarkable achievement by any standards, said the report, authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.
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