Uday Kotak warns India may face economic strain from energy
Business
Uday Kotak, founder of Kotak Mahindra Bank, just gave a heads-up that India might face some tough economic times if global conflicts keep pushing up energy prices.
Speaking at the CII Annual Business Summit, he pointed out that while oil inventories and oil companies have been shock absorbers so far, things could change quickly if instability drags on.
Kotak urges energy shift and reinvestment
Kotak explained that if oil shoots past $100 a barrel, India's current account deficit could rise to $100 billion; definitely not great news.
He suggested India should cut its energy dependence, like China is doing with electric vehicles and the US with less Middle East oil.
His advice for Indian companies? Reinvest profits and focus on innovation to stay strong in a changing world.