Beyond Kotak's Wake-Up Call: Why India Inc Needs Scale, Infrastructure, and Smart Capital — Not Just More R&D
Uday Kotak's June 2, 2026 post on X was characteristically blunt. The veteran banker pointed to Alphabet's decision to raise an additional $80 billion in fresh capital — despite sitting on $160 billion in annual profit, $62 billion in the last quarter alone, and a $4.5 trillion market capitalisation — and held it up as a mirror to India Inc. The contrast with the collective profits and market cap of all Indian listed companies was uncomfortable. His call: set aside the IPL distraction and get back to the "business of business." The post went viral quickly. Supporters praised the call for greater ambition and risk-taking. Critics pushed back, pointing to regulatory hurdles, tax uncertainties, high compliance costs, and a broader risk-averse culture in Indian business. The debate was healthy and timely. Yet, while Kotak's diagnosis of an ambition and execution gap is largely correct — particularly in innovation intensity — the path forward demands more nuance than a...