“We have it in us to grow at 10%,” said Uday Kotak, Managing Director of Kotak Mahindra Bank expressing confidence that the positive changes that are happening in India will make the country grow at 10%. But he added that even at 10% growth rate, India would take 20 years to overtake China. Uday Kotak, the winner of the Lifetime Achievement Award at the FE Best Banks Awards, said at the event. “We feel significantly more empowered given the changes which are happening. We have it in us to grow at 10%; its roads, railways, infrastructure, digital… If we grow at 10%, we would still take 20 years to grow ahead of China.”
This is not the first time Uday Kotak has said that India is capable of achieving 10% growth rate. Recently, he explained what would it take for India to grow at 10% and beat China. “I think it is doable. In addition to the hard stuff, India needs to do a lot of the soft stuff. If I look at China and India, in the last 20 years, India has grown at 5.5%, and our per capita GDP is at about $1,800. China is about 5 times our size. India needs to grow at about 8% per annum in per capita GDP for the next 20 years to reach China’s level. If you take a population growth of 1-1.2%, for the next 20 years we must grow at 9% to reach the current GDP of China,” he had said.
On a lighter note, on receiving the Lifetime Achievement award, Uday Kotak said that he has no plans of retiring and the “game has just begun” for him. At the FE Best Banks Awards, Union Minister Nitin Gadkari was also present. Former State Bank of India Chairman Arundhati Bhattacharya was presented banker of the year award. Uday Kotak’s friend Cyril Shroff shared three personal values that made him the so successful besides his professional skills. He said that he met Uday Kotak in 1975 and they were friends since then. “Jab we met in 1975… we spent four years together. Apart from being friends were also fierce competitors,” he recalled.
“I want to talk about personal values. “One is his trustworthiness. He never breaks his word… second is humility. We have known him from half-pant days but did not see him change; his success has not made any change in his demeanor… national pride, when others were tying up with foreign companies, Uday Kotak said that we will not be owned,” Cyril Shroff said.