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Uday Kotak's takeaway for India amid Russia-Ukraine crisis: be 'atmanirbhar'

Uday Kotak was referring to India's dependence on Russia for its defence equipment. Russia is India's biggest supplier of defence weapons.

February 28, 2022 / 09:19 AM IST
This is the first time Uday Kotak, Executive Chairman and Managing Director of Kotak Mahindra Bank, that Kotak chose to speak up about the Russia-Ukraine conflict.

This is the first time Uday Kotak, Executive Chairman and Managing Director of Kotak Mahindra Bank, that Kotak chose to speak up about the Russia-Ukraine conflict.

Billionaire banker Uday Kotak on Sunday highlighted how geography is an important factor when it comes to wars and stressed on the need to be "atmanirbhar" or self sufficient when it comes to the country's resources, especially for its military needs.

He was referring to India's dependence on Russia for its defence equipment. "Ukraine Russia conflict highlights that geography matters. For India, with China on one side and Pakistan on the other, both nuclear enabled, our dependence on Russian military equipment, and US far away, we have challenges," the CEO of Kotak Mahindra Bank tweeted.

Russia is India's biggest supplier of defence weapons.

Last December, India and Russia inked four defence pacts and resolve to expand military ties. The allies inked an agreement for joint production of over six lakh AK-203 assault rifles at a manufacturing facility in Uttar Pradesh’s Amethi besides firming up another pact on military cooperation for 10 years. The rifles will be manufactured for the Indian armed forces at a cost of around Rs 5000 crore.