'Tribal mindset coming back': Uday Kotak on global economic shifts and asset control

Former banker Uday Kotak has said the world is witnessing a return of a “tribal mindset”, with control over tangible assets getting concentrated in a few hands.

Speaking at the Confederation of Indian Industry (CII) Annual Business Summit on Tuesday, May 12, Kotak said, “We are living in a world where we are seeing a significant control over tangible assets getting concentrated in a few hands.”

He added that despite a high probability of global conditions “going back to mean”, some structural shifts underway across parts of the world are likely to persist.

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“Seeing tribal mindset coming back in our lives,” Kotak said, adding that in such an environment, countries and businesses need to focus on strategic control over assets and profitability.

“We need to be strategic, real and in this tribal mindset world, what matters is control over assets, supported by a strong P&L,” he said.

Drawing a comparison with the United States, Kotak said the same country that was “horribly dependent for energy in the 80s” has now managed to address that vulnerability.

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Referring to India’s priorities, Kotak said the country needs to significantly raise its “Brahma” and “Vishnu” quotient.