Uday Kotak believes this one thing can help India become ‘world’s office’ if China is ‘world’s factory’

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Updated: May 24, 2020 6:17 PM

Billionaire banker and managing director of Kotak Mahindra Bank Uday Kotak on Sunday underscored the cost-competitiveness of Indian talent across multiple professions that can help India become the world’s office.

Uday Kotak, executive vice-chairman and MD, Kotak Mahindra Bank (File image)“New world creates new opportunities,” said Uday Kotak on Sunday.

Billionaire banker and managing director of Kotak Mahindra Bank Uday Kotak on Sunday underscored the cost-competitiveness of Indian talent existing across multiple professions that can help India become the world’s office. “China is the world’s factory, India can be its office!” said Kotak in a tweet. The banker cited an example of technology companies paying hefty amount to talent in the US when they can leverage the skilled Indian talent at a lower cost to get the same job done here. “Why should Google pay $200,000 to work-from-home US engineers, when they can cheaply hire Indians here to do the same job on VC. Same with finance analysts, marketing, architects etc.”

Referring to the need to tap into the new opportunities in the post Covid world, Kotak added “new world creates new opportunities”. His comments came amid the growing chorus among India Inc. and the government to take immediate measures to attract companies that are looking to move their operations out of China to other countries for favourable ecosystems.

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For instance, India is creating a land pool of 461,589 hectares, which is close to double the size of Luxembourg, to attract businesses exiting China, Bloomberg said recently citing people with knowledge of the matter. This includes 115,131 hectares of existing industrial land in states like Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh, people said.

However, with respect to skilled talent base, according to the 2019 IMD Index which rated 63 countries on the basis of their attractiveness to develop, attract, and retain top talent, India’s rank declined six positions on World Talent ranking to 59th spot just ahead of Mexico, Brazil, Venezuela, and Mongolia. This was due to multiple factors such as pollution, low quality of life, low priority of economy to attract and retain talent and low total public expenditure on education per student.

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