Businesses of saving planet, sustainability can prosper: Uday Kotak
Uday Kotak, founder, Kotak Mahindra Bank. (Photo: Bloomberg)
Those who engage in sustainable development and transition their businesses to contribute to saving the planet can achieve very profitable business outcomes, said Uday Kotak, founder, Kotak Mahindra Bank on Saturday.
Speaking at the Indian Institute of Management Calcutta’s 59th convocation, Kotak said, “The current challenge is, the existential model of planet Earth runs the risk of getting into trouble faster than the business model of planet Earth… to solve the problem, before you use your energies, see how you can be a part of a solution, which would be for saving planet Earth.”
He said there is a significant business opportunity in doing so because people who embrace the part of sustainable development and transition business for saving the planet can also have very profitable business outcomes.
He also said that he wished for India to secure its position among the top three economies in the next five years based on absolute Gross Domestic Product. Looking ahead to 2047, the aspiration is for India to have an economy surpassing $30 trillion, he said. Equally important is ensuring that the per capita income reaches at least $15,000, making India a solidly middle-income nation.
“India has a lot of successes; I think India in the next 10 to 20 years has a great opportunity. I wish for India to see it certainly in the third place in the next five years as an absolute GDP. But, between now and 2047. I would like to see an India with more than $30 trillion size of economy. More importantly the distribution of a per capita to at least a middle income country proper middle Indian country of $15,000,” said Kotak who stepped down from the post of MD & CEO of Kotak Mahindra Bank in December last year. He is now a non-executive director of the bank.
Further, he urged students to blend entrepreneurship with professionalism, and encouraged them to think like owners while maintaining a professional approach in their endeavours.
Stressing the importance of embracing entrepreneurship, the veteran banker recounted his own entrepreneurial journey, highlighting the challenges and the low success rate in entrepreneurship.
“That is an entrepreneur in every professional. And this should be a professional for every entrepreneur. And I would therefore encourage each of you in whatever you are doing, keep in mind, mix and blend the concept of professionalism, with entrepreneurship. And it’s a very powerful mix,” he said.
“One, of course, you’ve learnt a lot, to be professional, to do things properly. But always along with that, think about it, that if you were the owner of that business, what would you do as right for the business, in addition to what your professional approach would be. So combine this and mash this together. And you will get a very powerful success over a long period of time,” said Kotak.
“The success in entrepreneurship is very low, but only the success stories, not the stories of people did not get to where they do. And therefore I have a mantra in life, that the best students, or people I would love to hire are people who tried their hand at entrepreneurship, found it difficult, and come back to work in a professional firm. And those are the best quality people,” he added.
(Disclaimer: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)
First Published: Apr 06 2024 | 8:22 PM IST