Mumbai, April 7 Veteran of the finance industry, Uday Kotak, cautioned on Tuesday that the conflict in West Asia, triggered by the US-Israel attack on Iran's port, portends a return of colonialism.
Kotak, a non-independent director and founder of the private sector lender, Kotak Mahindra Bank, said this phase was last seen in the early years of the 20th century.
"We are at a very important turning point, what I call the return of global colonialism, something that the Federation of Indian Chambers of Commerce and Industry (FICCI) fought from 1927 to 1947, and in 2026, we are at one such turning point," he said, while addressing an event organized by the industry body in Mumbai.
Kotak clarified that his observation was not political in nature, but based on global developments and public discourse.
"The fact that we are at such a turning point is very clear... I am not getting into politics, I am just repeating facts from the speech of (US President) Donald Trump in the White House," he said, cautioning that the world may be entering a phase where economic and strategic control increasingly determines global power dynamics.
On the domestic front, Kotak said India must prioritize strengthening the weakest segment of "middle manufacturing," which includes firms that invest up to Rs 1,000 crore in projects, to support long-term economic resilience.
"I think the biggest area where we need to build, and which is where we can play this role for an Atmanirbhar Bharat, is to create middle manufacturing. The weakest area which we need to focus on is middle manufacturing," he said.
Kotak explained that this segment broadly includes manufacturing projects requiring capital investment in the range of Rs 100 crore to Rs 1,000 crore, noting that strengthening this layer would be critical for improving India's industrial depth and achieving greater economic self-reliance.
He also urged large corporate groups and companies to step up investments in research, development, and innovation to enhance competitiveness and sustain long-term growth.