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Last Updated : May 14, 2020 12:46 PM IST | Source: Moneycontrol.com

Uday Kotak on why coronavirus lockdown is like Abhimanyu’s Chakravyuh

Kotak likened India’s lockdown situation to Abhimanyu's Chakravyuh, saying it would have to be gradual and calibrated

Uday Kotak, CEO of Kotak Mahindra
Uday Kotak, CEO of Kotak Mahindra

Uday Kotak has likened India’s lockdown situation due to the coronavirus pandemic to Abhimanyu's Chakravyuh – seeing as Abhimanyu from the Mahabharata despite being trained in warfare and breaking into the Chakravyuh, did not know how to escape.

"It is easy to get into the lockdown, but getting out is a more complicated process," the Kotak Mahindra CEO said. He added that India would have to exit the lockdown in a “gradual and calibrated manner,” Business Today reported.

Kotak acknowledged that emerging from the lockdown would be a struggle as chances of infections rising would be high, but the exponential economic cost of the lockdown is a reality. He added that the science problem would have to be dealt with in the real world economy.

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On the Rs 20 lakh crore package announced by Prime Minister Narendra Modi and outlined by Finance Minister Nirmala Sitharaman in multiple tranches, Kotak said: “I would like to see the break-up… have no doubt a reasonable portion will go to those bottom of the pyramid and MSMEs.”

Adding that coronavirus is a long-term thing, Kotak added that despite collective efforts the vaccine is at least 12-15 months away.

Speaking about lending in the post-coronavirus world, Kotak added that the bank will “look at the right sectors to lend” adding that the bank is focused on building a strong deposit franchise. He expects consolidation in the banking sector similar to the telecom and airlines.

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First Published on May 14, 2020 12:46 pm
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