As we were all growing up, there used to be a very big mantra in India which was called 'export or perish.' There was a long period when we used to focus on import substitution.

If you look at 2009, why did the recovery happen? Recovery happened because somebody in the world's largest economy opened the tap: the U.S., followed by Europe and now Japan.

A weaker currency is a national tariff. After we get a weaker currency, we have to take advantage of that. Or else, we will waste it once more in inflation and in the inability to raise competitiveness.

Uday Kotak Quotes