India must support startups, says Kotak

Being an entrepreneur can be tough especially if you are in India as the country is not doing enough to help budding entrepreneurs prosper, according to Kotak Mahindra Bank Executive Vice-Chairman and Managing Director Uday Kotak.

Citing examples of Amazon, which is still not making money and WhatsApp which was sold at a valuation of $20 billion, Kotak said its high time that the country did something to promote entrepreneurs.

“The reasons why Indian entrepreneurs are behind is that the country is not doing enough to help startups,” Kotak said.

“Banks are not willing to lend to entrepreneurs, due to which, we should look at creating a pool of funds to help startups,” Kotak added.

Kotak also had 3 suggestions to the Narendra Modi government in order to make the country a better place to live in. “We need to create a country which looks beyond the money aspect. The Swacch Bharat Abhiyaan, Make in India and other campaigns should look at creating respect for values and culture first,” Kotak said.

The government also needs to see to it that the citizens respect the legal system in the country, including judges. Besides, it is high time that teachers are given due recognition by making teaching the most sought-after profession in the country, Kotak added.

According to Kotak, private banks are outperforming their peers in the public sector space as PSU banks have been facing a lot of challenges.

“Private sector banks have been doing well as compared to PSU banks as the latter have been facing a lot of challenges including shorter tenure of the managing directors and significant government ownership,” Kotak said.

However, despite all pains, the Indian banking system is safe and one of the finest in the world, Kotak added.

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