Veteran banker Uday Kotak cautioned against 'manipulative pricing' by China and said that India must put a premium on getting stronger to keep such practices at bay. Kotak added that China works with a strategy worldwide to grossly under-price its products aiming to push local manufacturers out of business. Once its companies are able to get hold of a sizable share of the market, they raise prices at will. Kotak said that such a practice leaves the market without any other serious competitor.
Asia's richest banker told ET Now in an interview that such a strategy helped China make inroads into Indian markets. However, Indian firms in turn got a raw deal from China in almost every sector, the Kotak Mahindra Bank CMD noted.
Kotak further said that India should focus on execution and the government should focus on getting the policies right. It is important for the policies to also show results on the ground, he added. The two 'Es' India needs currently are Exports and Execution. He also said that execution would also have a major impact on Prime Minister Narendra Modi's Atma Nirbhar push.
Meanwhile, PM Modi during his Independence Day speech on Saturday, reiterated India's "vocal for local" initiative and stressed on his government's vision for Atma Nirbhar Bharat.
Modi said considering India's resolve to become self-reliant, many big companies are turning towards India. "We have to move forward with the mantra of 'Make for the world' along with 'Make in India'," he added.