India’s rise to a global economic power would depend on its performance in absolute gross domestic product (GDP) and absolute per capita income besides current account and fiscal management, Uday Kotak, managing director of Kotak Mahindra Bank, said on Thursday.
“There are opportunities to move up the ladder, to be among the top three in the world, and its realisation would depend on certain metrics, including economic performance in terms of absolute GDP and absolute per capita income instead of the purchasing power parity (PPP) comparison,” he said at CII Global Economic Policy Summit 2022 here. Kotak said the country has become the fifth largest in the world at about $3.2 trillion and has huge potential.
To develop world class Indian companies, he stressed on the need to build scale in manufacturing based on cutting-edge product innovation and developing intellectual property (IP) rights rather than depending on arbitrage alone to secure an advantage.