Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!
Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs UK $3.2trn.But a reality check of population denominator: India: 1.4 bn vs UK.068 bn.Hence,per capita GDP we at $2,500 vs $47,000. We have miles to go…Let’s be at it!
Ukraine Russia conflict highlights that geography matters. For India, with China on one side and Pakistan on the other, both nuclear enabled, our dependence on Russian military equipment, and US far away, we have challenges. One thing this war teaches for sure : be Atmanirbhar!
Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.
7.5% inflation and 0% interest rates! You would think it is an emerging market with poor institutional governance. It is the United States of America ( USA)! In 2013 India paid the price for its ‘taper tantrum’. When US sneezes,world catches a cold. Not this time please, Mr. USA.
4.3 lakh plastic bottles saved per annum. Glass water jars and disposable paper cups in meeting rooms at Kotak Mahindra Bank Mumbai offices. Working to make it national. Environment is precious.
Reducing corporate tax rate to 25% is big bang reform. Allows Indian companies to compete with lower tax jurisdictions like the U.S. It signals that our government is committed to economic growth and supports legitimate tax abiding companies.A bold, progressive step forward.
Amidst turbulence and the virus, some good news - oil at $45/ barrel. Recent $20 drop saves India $30 billion per annum. Also global interest rates have collapsed making money cheap.
Let’s leverage these for policy to boost growth.
China is the world’s factory, India can be its office!
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. New world creates new opportunities.
I value freedom of choice but vegetarianism is good for the planet.
Beef at dinner is as polluting as driving 160 km. Livestock are responsible for more greenhouse emissions than the entire aviation sector. Happy Dussehra!
Facebook Meta market value dropped ~$240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never normal world!
