Kotak calls for greater self-reliance in capital, defence, energy and tech

Moneycontrol.com reports that Uday Kotak, the prominent Indian banker and founder of Kotak Mahindra Bank, has made a strong public case for India to pursue greater self-reliance across four critical domains: foreign capital, defence, energy, and technology. The remarks reflect a broader anxiety in Indian business circles about the risks of over-dependence on external sources during a period of global geopolitical and trade volatility.

Kotak's call on foreign capital is particularly notable coming from a banker — it suggests concern about India's vulnerability to sudden shifts in global investor sentiment, currency pressures, and the conditions attached to foreign investment. On technology, the call echoes ongoing government efforts to build domestic semiconductor, AI, and software capabilities.

The statement aligns with, but also pushes further than, the government's existing Atmanirbhar Bharat (self-reliant India) agenda, lending it significant credibility from a private-sector perspective. India currently imports the large majority of its defence equipment, is heavily dependent on fossil fuel imports, and relies substantially on foreign technology platforms and components.

For everyday Indians, the practical implication of this debate is significant: a genuine shift toward self-reliance in these sectors would require massive domestic investment, industrial policy changes, and could reshape job creation patterns across manufacturing, energy, and technology over the coming decade.