New Delhi, October 16 (India Today) – Billionaire banker Uday Kotak said it is the best time to invest in India as the fallout from the coronavirus crisis has made valuations attractive across many sectors in the country.
Kotak, who is the managing director of Kotak Mahindra Bank and Asia’s richest banker, said that investing in India is ideal when the going gets tough.
“I have always believed you have to invest in India when things look more challenging,” Kotak was quoted as saying in anEconomic Timesreport.
His comments came during a conversation with David Rubenstein, the co-founder of Carlyle Group Inc. at the Bloomberg India Economic Summit.
Kotak cited the vast number of interest users in India and said how the Covid-19 pandemic has accelerated adoption of internet-based solutions in the country.
Not only India but the adoption of online technologies have witnessed a sharp jump in the backdrop of the pandemic.
The online retail market and e-commerce platforms have seen a huge surge in business activity and many major firms are now trying to strengthen their retail footprint in India, which has over half a billion internet users.
Uday Kotak said there are many sectors in India where investments can be made right now. According to him, the most ideal sectors that investors can look include digital, e-commerce, technology, pharmaceutical and consumers.
In fact, many foreign equity firms are expected to tap the growing base of internet users in India after the pandemic.
The retail space is already witnessing a surge in investments with major players like Amazon, Walmart Group and Reliance Retail trying to compete for a larger share of the attractive retail space.
Other sectors like healthcare are also witnessing a surge in foreign investments at the moment. Like Kotak, experts expect foreign investments in select sectors to increase after the pandemic sharply dented India’s economy.