Shedding light on the success of quick commerce ecosystem in the country, financial services industry veteran Uday Kotak has stated that the successful quick commerce trade is causing a challenge for the retailers and will become an issue going ahead. He also pitched for Indian businesses becoming more competitive in a free and fair trade.
Speaking at an industry event, the founder and non-executive director of Kotak Mahindra Bank stated, “Quick commerce does have challenges with references to the local retailer and I think that is a challenge which, at some point of time, will come to the political front.”
Lauding the efforts of the Indian innovation to make the quick service model a success in the country, Kotak highlighted that India is an unique country where this has been working, unlike in the most parts of the world where this has not been as effective.
He added, “If you look at the quick service retail, India is a unique country where it is working. Most countries in the world, it has not worked. So, that is where Indian innovation has made it work. It is a very good sign. It is positive that we can do things that the rest of the world has not succeeded in and from that point of view, some of this value creation in India is real and sustainable.”
Kotak emphasised that the protection for domestic players in the domestic market is very dangerous in the longer run. He added, “The fact that we have a domestic market and a protection for domestic producers is a very dangerous thing in long-term for competitiveness. I would love to see Indian businesses competitive in free and fair trade.”
Stating that lot of global companies have their brands in India, Kotak stated that he would love to see Indian brands globally.
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