Amid the deteriorating economic situation in the neighbouring Sri Lanka, coupled with mass protests and violence that led to resignation of the Prime Minister and regime change, Banker Uday Kotak came out with an intriguing comment that could well be an advise for the Narendra Modi-led government.
“The Russia Ukraine war goes on and the going gets tough. True test of nations is now. Strength of institutions like the judiciary, regulators, police, government, Parliament will matter. Doing what is right and not populist is crucial. A ‘burning Lanka’ tells all what not to do!” the Kotak Mahindra Bank CEO wrote in a tweet on Tuesday.
Though the renowned banker did not particularly name anyone in his tweet couched in generic terms, Twitter users were curious to know if the regime’s one of ardent supporters from corporate India is trying to convey a message to the top political brass.
The Modi government is facing crisis on several fronts as it tries to fill the hole caused to the economy by the pandemic. The retail inflation in April surged to 7.59% from 6.95 % in March, highest since Mr Modi took over as the Prime Minister. Rising food and fuel prices, surging commodity prices, a severe disruption in supply chains, and acute electricity shortages have only added fuel to the fire, stretching the pockets of Indian citizens to their limits.
Uday Kotak, just a week ago, had tweeted on the situation and said: “The wolf of inflation has firmly arrived. Future is here. Future is now.”
The Indian Rupee has deteriorated to record low in comparison to the US dollar, and remains the worst performing Asian currencies this year.
Moreover, Kotak’s comment on the need to strengthen the institutions — the judiciary, Parliament, regulators and police, may shed a light on the fact that Modi government faces criticism for for throttling institutions and their independence.
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