Amidst COVID-19 Globalisation Undergoing Transition

On 15th September 2020, CII President Uday Kotak said that the concept of globalization is going through a transition as the world is battling against the pandemic and also the self-reliance is steadily gaining momentum.

Uday Kotak addressed a virtual CII-UK Conference in which he shed a light upon the way the pandemic has changed the future of the Earth and also how this pandemic has allowed redefining mankind.

Uday Kotak (Managing Director of Kotak Mahindra Bank) said, "The concept of international cooperation or globalization as we have known is undergoing a transition. We are moving to a definition where the concept of self-reliance is gaining momentum in the world."

He further added that India has a sound understanding of self-reliance and is becoming a nation that is stronger, more confident, and globally engaged.

The financial center of the world is getting changed as Hong Kong is getting aligned to China and some challenges are cropping up in the Middle East (Dubai). Amidst this London has a major chance for developing into a stronger global financial center particularly for the Asian markets.

He further added that in India and the UK the financial markets are less impacted than the real economies due to the policymakers and regulators.

Therefore India and the UK have the opportunity of working together in investments in areas like manufacturing, future skills, innovation, agriculture, and value food chain.

For the UK, India is the 2nd highest FDI contributor and for India, UK is the 6th highest FDI contributor.