Uday Kotak wants world to 'hire Indians', says country capable of producing top-class human capital
The Kotak Mahindra Bank CEO rejected the notion that Indian engineers are inferior to the ones in the US.
by ET OnlineNEW DELHI: As people learn to navigate their lives around remote working and social distancing in the wake of the novel coronavirus pandemic, many industry leaders believe that the post-Covid world is expected to change drastically.
And Uday Kotak, the CEO of Kotak Mahindra Bank, is optimistic that in a changed world order that will create new opportunities for the country, the Indian talent pool will outshine its international peers. Lauding Indian talent, the top banker through a series of tweets on Sunday afternoon, said that finance analysts, marketers, architects and engineers are a more efficient talent pool that the world should take a second look at. And that the time had come for India to become the 'office' of the world even as a post-Covid China, known as the world's factory that manufactures several things, tries to recover.
The 61-year-old businessman posed a question: "Why should Google pay $200,000 to work-from-home US engineers, when they can cheaply hire Indians here to do the same job on VC?"
While many on his timeline appreciated his views, some were disappointed with his usage of the word 'cheap'. The unhappy followers said that the CEO should have pitched for quality, and not cheap labour, and that India is capable of becoming the next best manufacturing hub.
After a few emotional replies popped up in the thread, the billionaire banker decided to share his two cents based on the feedback in order to calm tempers down, virtually.
He rejected the notion that Indian engineers are inferior to the ones in the US. Citing the example of the Indian-origin tech CEOs like Sundar Pichai of Google and Microsoft's Satya Nadella, he mentioned that India can produce world-class human capital.
Kotak also clarified that by 'cheap' he didn't imply that Indians were underpaid, but the fact that home-grown talent is cost-efficient compared to the rest of the world. "I did not suggest that we underpay Indians by saying 'cheap', only adjusting for purchasing power parity," he wrote.
Earlier this month, the private sector lender had decided on a 10 per cent pay cut for all employees earning above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic. The move came in weeks after the top management had voluntarily surrendered 15 per cent of their payments for 2020-21.
The group, and Kotak himself, had earlier announced donations to the PM-CARES Fund and the Maharashtra chief minister's relief fund.
According to the Hurun Global Rich List for 2020, Kotak made it to the list of world's 100 richest self-made banker. The Kotak Mahindra Bank chairman holds the 91st rank in the list with a net worth of Rs 1,04,300 crore ($15 bn).
Chinese billionaire Jack Ma (C) showed his benevolent side as he pitched in to help the world fight the novel coronavirus. The founder of e-commerce major, Alibaba, Ma became the most talked about business figure after he said that he would marshall all available resources at his disposal to take on Covid-19. From donating emergency supplies (1.8M masks, 210K test kits, 36K protective suits, plus ventilators & thermometers) to Afghanistan, Bangladesh, Cambodia, Nepal, Pakistan & Sri Lanka in Asia to donating 20,000 test kits, 100,000 masks and 1,000 medical use protective suits in each of the 54 African countries, the 55-year-old proved that he was a good Samaritan whose charity was not mapped by geographical boundaries. And even as the business magnate didn’t have India in his list of beneficiaries, there was much talk in the country about his act of generosity. And what followed were natural questions: who among India’s rich was doing a Jack Ma?And it’s not just one individual, but a bunch of lion-hearted boardroom tycoons who have taken the pledge to help fight the virus that has thrown life off-track, in India and across the world.
Google chief Sundar Pichai has donated Rs 5 crore to Give India, matching Google's earlier donation to the non-profit organisation for the coronavirus pandemic."Thank you @sundarpichai for matching @Googleorg's Rs 5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker families...," Give India said in a tweet.Previously, Google had announced an over USD 800 million commitment towards efforts to tackle Covid-19 pandemic that claimed thousands of lives globally. This includes a USD 200 million investment fund for NGOs and banks to help small businesses access capital.Besides, Google has also teamed up with Apple to work on a contact tracing approach designed with strong controls and protections for user privacy.(With Inputs from PTI)
Hyundai Motor India on Monday said it has donated Rs 7 crore to the PM CARES Fund to fight the Covid-19 crisis."Our contribution to the PM CARES Fund stands testament to solidarity we hold with the people of India, amidst this crisis," Hyundai Motor India MD and CEO SS Kim said in a statement.In challenging times such as these, the company will continue giving back to help India defeat this adversity, he added.The South Korean automaker had earlier pledged Rs 5 crore to Tamil Nadu Chief Minister Relief Fund.It has also donated imported diagnostic kits worth Rs 4 crore which can cater to testing requirements of over 25,000 individuals.(With inputs from PTI)
Elecon Group CMD, Prayasvin B Patel has donated Rs 11 lakh to the CM Fund to fight the COVID-19 pandemic, relief and rehabilitation work.Also, Elecon Group has partnered with the District Collector's Office to distribute food and grocery kits among the vulnerable people.Over 1,000 grocery kits have been distributed under the able guidance of Prayasvin B Patel and Mrs. Taruna P Patel. The grocery bag includes 10kg wheat flour, 5kg rice, 1 kg, dal, 1 kg sugar and 1 kg salt. Lunch and Dinner were also provided to the needy people at Vasad, Chikhodra and Bevda Villages.(With inputs from ANI)
Chinese smartphone manufacturer Vivo, on Friday, announced that it has donated close to 9 lakh masks to government health bodies, police agencies and New Delhi Municipal Council (NDMC)."Vivo India has donated close to 900,000 masks to government health bodies, police agencies and @tweetndmc. We will continue to do whatever we can, in our capacity, to help the country overcome the COVID19 pandemic. This is for all HeroesWhoCare Folded handsFolded hands Coronarelief," Nipun Marya, Director, Brand Strategy, Vivo India said in a tweet.Earlier, the company donated one lakh medical masks and 5,000 N-95 masks to the Maharashtra government.(With Inputs from PTI)
On Sunday evening Mukesh Ambani (in pic) stepped out to the balcony of his Altamount Road residence ‘Antilia’ and showed his gratitude to the country’s caregivers as he clapped his hands and rang the bell. Hours later on Monday, Reliance Industries Limited announced that it is enhancing production capacities to manufacture 100,000 face-masks daily and a large number of protective equipment like suits and garments, for the country's health workers who are engaged in fighting the novel coronavirus. The oil and retail major also said that it has provided an initial support of Rs 5 crore to the Maharashtra Chief Minister’s Relief Fund. RIL's Sir H N Reliance Foundation Hospital in collaboration with the Brihanmumbai Municipal Corporation, has also set up a dedicated 100-bed centre at Seven Hills Hospital in Mumbai for patients who test positive for Covid-19. The Foundation has also decided to provide free meals to people across various cities in partnership with NGOs.Reliance Foundation, the philanthropic arm of India's largest firm Reliance Industries, on April 20, pledged free meals, building country's first Covid-19 hospital and is supplying PPEs and masks as part of its effort to help the nation fight the Covid-19 pandemic.Reliance Foundation's 'Mission Anna Seva' that aims to provide over 3 crore meals to marginalised communities and frontline workers facing hardships during the lockdown, is the largest free meal programme by any corporate foundation globally, its chairperson Nita Ambani said.(With inputs from PTI)
Home grown Dabur group, on Tuesday, pledged Rs 21 crore to support the relief efforts and help the immediate needs of people affected from the Covid-19 pandemic.The group will also provide assistance to people engaged in frontline efforts to fight the virus and support to members of vulnerable sections of the society and migrant workers, who are the hardest hit by this pandemic."We have earmarked a fund of Rs 21 crore towards relief efforts... Out of this pledged amount, a sum of Rs 11 crore is being contributed to PM CARES Fund by Dabur India and other entities in the Group," said Dabur India Ltd Chairman Amit Burman said.(With inputs from PTI)
Indian software major Infosys, too, joined the Covid-19 fight with a Rs 100 crore donation. The Infosys Foundation has contributed half of this amount to the PM CARES Fund to expand hospital capacity for treatment and enable hospital stays for poor Covid-19 patients. The Foundation recently said it would help set up a hospital in Bengaluru exclusively to treat people infected by the virus. Sudha Murty, who is the chairperson of the Infosys Foundation, said that “these are unprecedented times that require every section of the society to rise up to the challenge.” Infosys CEO Salil Parekh, while terming the Covid -19 pandemic as ‘one of the toughest challenges that the world has been faced with’, reiterated that it is imperative for businesses to join hands with the governments, civil society and healthcare institutions to support the communities.
On Sunday, as the country observed ‘Janata Curfew’ as a mark of appreciation for the selfless help provided by the caregivers, Anand Mahindra (in pic) shared some heartening news with his 7.5 mn followers on Twitter. The Mahindra Group chairman offered to convert Mahindra Holiday resorts as temporary care facilities. He also tweeted that the group will ‘immediately begin work on how our manufacturing facilities can make ventilators’.And that’s not all. He also pledged that the Mahindra Foundation will create a fund to assist SMEs and SMBs, ‘the hardest hit in our value chain’. The business tycoon himself pledged to contribute 100% of his salary to the fund, and keep adding to it over the course of the next few months.
The Executive Chairman of Vedanta Resources Limited showed his generous side as he pledged Rs 100 cr to fight the pandemic. The 66-year-old Anil Agarwal (in pic), who tweeted a picture of his participation in the ‘Janata Curfew’, wrote on the micro-blogging platform that was ‘committing 100 cr towards fighting the Pandemic’. Expressing concern for the daily wage earners, he wrote that ‘we will do our bit to help’.
Billionaire Gautam Adani joined the Covid-19 fight with a Rs 100 crore contribution by his group's philanthropy arm to the Prime Minister's Fund. Adani himself tweeted about the act of charity and wrote that the "Adani Foundation is humbled to contribute Rs 100 crore to the #PMcaresfund in this hour of India's battle against #COVID19." The Gujarat-based infrastructure conglomerate also promised to contribute additional resources to ‘support the government and fellow citizens in these testing times’.
As the pandemic escalates across the states, Diageo India has pitched in as well to keep the spirits high. The global alcohol-beverage manufacturing brand has said that it will re-purpose its 15 units across the country to produce around 300,000 litres of sanitiser to help overcome the shortage. "The demand for sanitisers is increasing, and we would like to use our manufacturing units to join in the effort to fill the demand-supply gap for sanitisers, so critical at this hour,” said Anand Kripalu, Managing Director and CEO. Additionally, the British MNC said it will also donate 500,000 litres of Extra Neutral Alcohol (ENA) to the sanitiser industry to make 2 million units (of 250 ml each) hand sanitisers. Diageo has also pledged around 150,000 masks to 5 public health departments across the country for doctors, nurses and caregivers. Apart from that, the international liquor brand has pledged support with a Rs 3 crore health insurance cover for bartenders associated with the Diageo World Class programme in India.
Designer Anita Dongre (in pic) has shown her generous side as she pledged a medical fund of Rs 1.5 crore to support small vendors, self-employed artisans, and partners associated with her brand who may not have medical insurance or coverage. The 56-year-old Dongre, who is the founder of the House of Anita Dongre, wrote in a statement on Instagram on Monday that “Considering the swiftness of the crisis, we recognize that not many of them will have resources available to cover a potential medical emergency.” Dongre, whose designs have been donned by Deepika Padukone and the Duchess of Cambridge, tried to add a dash of optimism as she wrote “We are in this together and we will come out on the other side stronger.” (Image: AFP)
Vijay Shekhar Sharma (in pic) has been vocal over the past few weeks about the coronavirus outbreak and what startups can do to survive “these testing times”. On Friday, the Paytm founder announced that he would be foregoing his salary for the next two months to help the Paytm office staff who may need it. And Sharma seemed to have drawn his inspiration from Marriott International President and CEO Arne Sorenson who had announced last week that in light of the financial impact of Covid-19 on Marriott and the hotel industry, he would be giving up his salary for the rest of 2020. In an emotional video posted on Twitter, he had also said that the Marriot top executive team would be taking a 50% pay cut to help the company steer through the challenging times.
The Tata group (Ratan Tata, left, in pic) is known for its generosity and philanthropy, and going the extra mile in adverse conditions. Just weeks after the Covid-19 outbreak escalated, the manufacturing and auto behemoth has reassured all group companies that it will ensure full payments to their temporary workers and daily wage earners, for March and April, working across their offices and production sites in India. They would be paid even if they fail to report for work due to precautionary measures. Last week, Tata Sons Chairman, N Chandrasekaran (right. in pic), while acknowledging that the pandemic would have ‘a large and deep financial impact on the weaker socio- economic segments of society,’ reassured that all dues to MSMEs would be cleared.
Tata Trusts Chairman Ratan N Tata became the top trend on Twitter on March 28 right after he announced a massive Rs 500 crore to fight the Covid-19 pandemic raging around the world. Calling it as 'one of the toughest challenges that the human race will face', the 82-year-old businessman, who is well known for his philanthropy, shared the note from his charitable organisation. He captioned the post, "Tata Trusts and Tata group companies have in the past risen to the needs of the nation. At this moment, the need of the hour is greater than any other time." Tata’s donation would be used for personal protective equipment for the medical personnel on the frontline, respiratory systems for treating increasing cases, testing kits to increase per capita testing and setting up modular treatment facilities for infected patients.
TVS Motor Company has pledged a donation of Rs 25 crore to the PM-CARES fund for the battle against COVID-19 pandemic. The amount is a contribution on the behalf of various group firms like TVS Credit Services Ltd, Sundaram-Clayton Ltd and others. A company statement said that the contribution was in addition to the ongoing CSR activities being undertaken through Srinivasan Services Trust. TVS Motor Company Chairman Venu Srinivasan, while calling it an ‘unprecedented time in modern history’, applauded the Govt's strong resolve and numerous actions to fight this. The company's official Twitter handle shared details of the work being done in the fight against the epidemic.
Xiaomi India MD Manu Kumar Jain (in pic) on Monday pledged his support to the ongoing battle against the Covid-19 outbreak. The 39-year-old Xiaomi India top boss, in a tweet, reiterated that ‘it's our duty to support doctors, paramedics & hospital staff!’, and urged other brands to follow suit. Posting an official statement, Jain also said that the Chinese handset major is donating N95 masks to state governments in Karnataka, Punjab, Delhi, government hospitals, and state police starting this week. Apart from masks, it will also be donating hazmat suits to doctors across a few government hospitals like AIIMS.
Mrs Nadella on Tuesday did her bit, pledging help to Telangana which happens to be her home state. Anupama Venugopal Nadella (C), wife of Microsoft CEO Satya Nadella (R), has donated Rs 2 crore to the Chief Minister Welfare Fund to be used to help the poor during the lockdown period. Telangana, like other states in the country, is currently under lockdown to contain the spread of coronavirus. A cheque for Rs 2 crore was handed over to Chief Minister K Chandrashekhar Rao by Anupama's father and former senior IAS officer KR Venugopal. (Left, in Pic: Zain Nadella, son of Satya & Anu)
Hero Cycles has set aside Rs 100 crore as a contingency fund to address and mitigate the impact of the coronavirus pandemic on partners and the community. On Tuesday, the auto group announced that it has also set up an emergency monitoring cell that is being helmed by Pankaj M Munjal (in pic), Chairman HMC, Hero Motors Company. An official statement said that the cell will closely monitor the economic ramifications brought about by the Covid-19 outbreak, and the impact that it is likely to have on employees, suppliers, customers and communities across India.
OYO Hotels founder Ritesh Agarwal’s (in pic) generosity knows no boundaries. Literally. That explains why the Indian start-up hotel chain has decided to offer free stay to doctors, nurses in the US helping in the fight against the novel coronavirus. In a release, the start-up chain lauded the selfless work done by health care professionals, and said that “medical first responders will receive free accommodations at any OYO Hotel in the United States so they can sleep, shower or just get off their feet and recharge”. And OYO’s good deed was noticed by Ivanka Trump who termed the gesture as “impactful acts of benevolence. Back home, Paytm founder Vijay Shekhar Sharma also lauded OYO’s move, as he quote-tweeted Ivanka Trump.