One of India’s leading bankers, Uday Kotak has vehemently supported the GST and Insolvency and Bankruptcy Code (IBC) as fundamentally transformative policies and said they are “well” on its way despite transitional challenges. Calling India’s journey ahead in the GST and IBC regime as exhilarating, the executive vice-president of Kotak Mahindra Bank said, “India is on the right track despite transitional challenges. Any transformation comes with a challenge of transition.”
“IBC is a fundamental transformative change,” said adding that the GST is also fundamentally transformative, but seeing short-term pangs. Uday Kotak further said that the financial sector in the country is looking up and is going through four megatrends. “India has transformed from a bank-led economy to a financial services industry,” he said.
Earlier in July too, Uday Kotak spoke in support of several decisions taken by the government. “GST, Bankruptcy code, RERA, Bihar: are we entering phase of clean business, clean politics? Can Swachh Bharat be for real?” he had posted on micro-blogging site Twitter.
Earlier, industrialists like Sunil Mittal and Adi Godrej extended their support to Narendra Modi government’s economic policies. Adi Godrej had said that the economic growth rates fell due to GST destocking in June and will likely recover in the second quarter of FY18. “There was an economic slowdown in the month of June, and there’s a good explanation to that. Since in the GST, many rates were coming down, there was destocking in June.”
“Even if you look at the April-June quarter, the lower growth was mainly in the month of June. We should wait for July-September figures. GST collection has done well in July and August. I personally feel the economy is doing well,” Adi Godrej added.