Uday Kotak, the founder of Kotak Mahindra Bank, expressed support for Prime Minister Narendra Modi's recent comments advocating for austerity and moderated consumption during the CII Annual Summit. He emphasized that India must brace itself for prolonged global uncertainty, particularly in light of the escalating crisis in West Asia, which he described as a complex problem that could have significant economic repercussions. Kotak highlighted that the Prime Minister's appeal to reduce unnecessary consumption is crucial for strengthening India's economic balance sheet. He noted that the ongoing conflict in the Middle East has yet to fully impact global energy prices in India, warning that consumers will soon feel the effects of rising costs. Kotak urged businesses and policymakers to prepare for potential shocks, advocating for a proactive approach rather than reactive measures. He also called for Indian corporates to adopt a long-term strategic focus, arguing that the country has prioritized financialization too early and should concentrate on investments and future competitiveness instead of short-term market gains.