‘In a world where tariffs are a weapon…’: Uday Kotak says India must keep options open, look towards China
Uday Kotak said India must keep all its options open considering the changing economic nature of the ties with the US and Western countries.
- Oct 13, 2026,
- Updated Oct 13, 2026 4:21 PM IST
Uday Kotak, Founder & Director, Kotak Mahindra Bank, said India must keep its options open and if it can’t beat China, then it must join them. He said that India can’t really depend on the US now and must find takers in China.
Speaking at the Bloomberg New Economy Forum 2026 in New Delhi, Kotak said that in a world where tariffs are a weapon, strategic Chinese firms may be more open to investing in India. "I think in a world where tariffs are a weapon, Chinese strategics may be more open to actually coming and investing in local domestic situations," Kotak said.
"If there are joint ventures between Chinese and Indian companies for manufacturing in India, the game China played with the US many years ago, that could be a path forward for India, and India has to keep its optionality open," he said.
"I think for India, if you can't beat them, join them, and we need to be open,” he said, adding that there are early signs that Indian companies are partnering with Chinese companies for Make in India and Chinese companies are welcome in India too.
He questioned India’s historical reliance on Western investments, and said it is necessary to explore alternative sources of capital, considering the evolving economic ties, especially with the US.
"Historically, India has looked too much to the West for investment, but with the challenges, particularly from the United States, and an overall more transactional approach to investment, the time has come for India to keep all its options open," he said.
Uday Kotak, Founder & Director, Kotak Mahindra Bank, said India must keep its options open and if it can’t beat China, then it must join them. He said that India can’t really depend on the US now and must find takers in China.
Speaking at the Bloomberg New Economy Forum 2026 in New Delhi, Kotak said that in a world where tariffs are a weapon, strategic Chinese firms may be more open to investing in India. "I think in a world where tariffs are a weapon, Chinese strategics may be more open to actually coming and investing in local domestic situations," Kotak said.
"If there are joint ventures between Chinese and Indian companies for manufacturing in India, the game China played with the US many years ago, that could be a path forward for India, and India has to keep its optionality open," he said.
"I think for India, if you can't beat them, join them, and we need to be open,” he said, adding that there are early signs that Indian companies are partnering with Chinese companies for Make in India and Chinese companies are welcome in India too.
He questioned India’s historical reliance on Western investments, and said it is necessary to explore alternative sources of capital, considering the evolving economic ties, especially with the US.
"Historically, India has looked too much to the West for investment, but with the challenges, particularly from the United States, and an overall more transactional approach to investment, the time has come for India to keep all its options open," he said.