India freely allows Meta, X , Google, Yahoo, whatsapp, Amazon, etc., to operate which China has blocked.
FinTech BizNews Service
Mumbai, November 7, 2025: Nilesh Shah, MD, Kotak Mahindra AMC, delivered the special speech during the Kotak International India Insight Summit held at The Metropolitan Club New York on 6th Nov 2025. Following is the complete text of his speech:
“Ladies and Gentlemen,
India doesn’t disappoint anyone—neither the optimist nor the pessimist. For whatever one says about India, the opposite is also true.
In a world that craves simple narratives, India defies them all. It is a thriving democracy of 1.46 billion souls, where diverse thoughts pulse like the very heartbeat of the nation.
Consider our environment: India holds the third-highest greenhouse gas emissions globally, trailing behind China and the United States. Yet, its per capita emissions remain among the lowest in the G20, underscoring a story of shared responsibility rather than excess. And in a testament to stewardship, India has boosted its forest cover by 191000 hectares , securing third place worldwide for annual net gains over the past decade.
Coal remains our dominant energy source, powering 74% of electricity. Yet, we surged ahead as the first G20 nation to meet our COP26 non-fossil energy target—51% capacity—five years early. And in Pavagada, Rajasthan, the world’s largest single-location solar PV plant sprawls across 56 square kilometers, harnessing the sun at unprecedented scale
Look at our global ties: Despite exhaustive negotiations, India lacks a comprehensive tariff deal with the U.S., facing the steepest duties at 50% on key exports—a punitive measure unmatched by many peers. Yet, just this month, we inked a landmark 10-year defense framework with USA, forging deeper bonds in security and innovation amid the trade storm.
On the geopolitical stage, India honors U.S. sanctions on Iran and Myanmar, securing waivers like the recent six-month exemption for Chabahar Port to aid humanitarian access—compliance that China routinely sidesteps, drawing its own rebukes. We import far less Russian energy than China or the EU, yet face an extra 25% U.S. tariff as the sole target for such a penalty—a quirk of diplomacy that tests our resolve.
Our cultural mosaic is unparalleled: With over 1,600 languages spoken, India boasts the highest linguistic diversity on Earth. Paradoxically, it harbors the largest English-speaking population globally fueling our bridge to the world, even as Indian mother-tongues thrive at home.
Economically, the contrasts are stark. At a per capita GDP of $2,940, India ranks 136th worldwide—a reminder of the journey ahead. Yet, we stand as the fourth-largest economy, surpassing $4 trillion in nominal GDP this year, a meteoric leap of six spots in just a decade—from 10th to 4th.
Fiscal prudence tells another tale. While our consolidated deficit (center plus state) hovered over 7% of plus GDP last year yet India is the only major economy to lower its debt-to-GDP trajectory between the 2008 Sub-prime crisis and post Covid crisis in 2025.
At 3.5% of global GDP, India may seem a minnow today. But incrementally, we drive 8-10% of world growth, and on PPP terms, our share of expansion nears 18%, India is the engine of global growth train in the days to come.
India is routinely called to open its economy and the markets for Global Investment flows yet it is the only country where foreigners own majority of its largest listed bank, asset management company, automobile company, FMCG company, Telecom company, engineering company, wealth management company etc. India freely allows Meta, X , Google, Yahoo, whatsapp, Amazon, etc., to operate which China has blocked.
Investment flows tell of promise and patience: We drew $81 billion in FDI last fiscal year—about 5% of global totals—yet over 25 years, net gold imports topping $500 billion plus have edged us toward capital exporter status, as it exceeds net Foreign Direct investments
In technology, the paradoxes shine brightest. India still grapples with indigenous jet engine production for its fighters, relying on partnerships to bridge the gap. But an audacious startup, Agnikul Cosmos, has unveiled the world’s largest single-piece 3D-printed rocket engine, a feat of ingenuity that redefines what’s possible.  We are the only nation to soft-land a rover at the Moon’s South Pole—Chandrayaan-3, achieved on a modest $74 million budget. And we hold the global record: 104 satellites launched in a single mission, a symphony of precision from ISRO.
In AI, we lack a homegrown foundational model at scale—yet pioneers like Perplexity and Gemini have partnered with Jio and Airtel, unlocking free access for over 800 million Indians.  This democratization has birthed open-source marvels like Maya-1 and Luna—voice AIs that sing, whisper, and emote with uncanny humanity, turning access into acceleration.
Healthcare strains under our billion-plus demands, crying out for upgrades in rural access and beds. Yet, in Hyderabad’s Genome Valley—one district alone—clusters the highest concentration of U.S. FDA-approved plants worldwide, India supplies 40% of America’s generic medicines by volume, a quiet revolution in global health.
It is the best-performing emerging market over the long term—outpacing peers with 13.7% annual equity growth from 2020 to 2025—yet it has underperformed in the last year amid global headwinds.
Academia reflects our spirit: No Nobel laureate has yet emerged directly from our universities. But the University of Mumbai has minted 22 billionaires—the most outside the U.S.—proving our soil nurtures entrepreneurs
Nothing captures this essence like Kotak Mutual Funds Mumbai Building. From one window, the Jio World Centre gleams—site of the world’s most lavish wedding, a spectacle of opulence. From the other, a mere five kilometers away, Dharavi endures—the planet’s largest slum, teeming with resilience and raw potential. Both coexist, intertwined, within a stone’s throw.
Friends, India cannot be boxed into black and white, crunched through linear equations or algorithms. It demands an open heart and mind—to feel the chaos that births creation, the contradictions that fuel progress. In embracing this beautiful mess, we don’t just understand India; we become part of its endless becoming.”
