At Lalit Doshi lecture, Uday Kotak talks trade; says Govt should have limited or no role in business

The role of government in an country is a question that is likely to get many answers, from creating a well-regulated system and to being a catalyst for growth. However, when its role in business is concerned, Kotak Mahindra Bank Managing Director Uday Kotak has a different outlook. At the 25th Lalit Doshi Memorial Lecture in Mumbai, the top boss defined the extent to which the government should be involved in business.

"I personally believe the job of the government is public good, focus on the broader system, getting our overall governance mechanisms right, making sure we have a well-regulated system and being a catalyst for growth. But unless there is some exceptional reason like what US did post the 2008 crisis where the government bought into banks for a short while and got out, I am of the view that the government must have a limited or no role in business over time. Not a very popular thing to say but I genuinely believe we need to move towards this direction. And for whatever reason, I think the system has faced challenges especially in post-Independence India. And it has always been a problem for me [that] why is it that at times the challenges of a very complicated country come in the way of what I, at times, have felt would seem like rational decisions.”