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Hang Seng
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Economy

Exports is the key to an Aatmanirbhar Bharat, says Uday Kotak

Updated : August 15, 2020 10:47 AM IST

Uday Kotak said that PM’s address was an address of confidence in COVID times combined with aspiration & hope.

Exports is the key to India’s Atmanirbharta and India’s ability to be a competitive and a sustainable economy, he added.

Delivering his seventh straight Independence Day speech, Prime Minister Narendra Modi on Saturday said the call for "Atmanirbhar Bharat" (self-reliant India) has captured people's imagination and become a "mantra" for everyone, as he pushed for raising India's share in the global economy. He said the reforms done so far and the reforms that are on the anvil will help get India to this level of self-reliance.

Speaking to CNBC-TV18 post the PM's speech, Uday Kotak, MD and CEO of Kotak Mahindra Bank and president of CII said that PM’s address was an address of confidence in COVID times combined with aspiration & hope.

“India has to understand the global trend, which is instead of multilateralism to bilateralism. Therefore we need to get into smart arrangements with different countries for bilateral growth in trade and services. Move away from multilateralism because that is out of fashion as I see it. Second is for exporters, do everything that is required to be facilitated, like the MEIS scheme announced that this scheme will be available even if payment is made over a period of time because of the budgetary constraints. Therefore make sure that exporters do not get stopped in the middle. Exports is the key to India’s Atmanirbharta and India’s ability to be a competitive and a sustainable economy. Do whatever it takes for driving exports because that is the true test of a nation,” he said.

Watch video for the full report

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