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China is the world’s factory, India can be its office, says billionaire banker Uday Kotak

Hemani Sheth Mumbai | Updated on May 25, 2020 Published on May 25, 2020

Veteran banker Uday Kotak. File Photo   -  BusinessLine

The Kotak Mahindra Bank chief later clarified his earlier tweet stating that his comment was based on the difference in ‘purchasing power parity’.

The post-pandemic shift can create new employment opportunities in terms of outsourcing, according to Uday Kotak, founder and CEO -Kotak Mahindra Bank.

“China is the world’s factory, India can be its office! 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. Same with finance analysts, marketing, architects etc. New world creates new opportunities,” Kotak had tweeted.

 

The tweet drew flak from Twiteratti who criticized the billionaire banker for his “cheaply hire Indians” comment.

The Kotak Mahindra Bank chief later clarified his earlier tweet stating that his comment was based on the difference in “purchasing power parity.”

 

“Response to feedback: I reject that our engineers are inferior to the US. India can produce world-class human capital. CEOs of Google, Microsoft & others are Indian. I did not suggest that we underpay Indians by saying “cheap”, only adjusting for purchasing power parity,” he wrote.

The Covid-19 pandemic has resulted in employees being mandated to work from home across the globe. Tech giants such as Google, Facebook and Microsoft have all extended their work from home policies to accommodate this change.

Twitter, on the other hand, has allowed its employees who wish to work remotely to do so indefinitely.

Published on May 25, 2020
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