<p>Mumbai: Financial services industry veteran Uday Kotak on Thursday said the successful quick commerce (Q-Com) trade poses a challenge to retailers and will become a political issue.</p><p>Speaking at an event organised by CNBC TV18, Kotak also pitched for Indian businesses becoming more competitive in a "free and fair trade".</p>.Kotak Mahindra Bank shares slump nearly 7%; market valuation erodes by Rs 24,801.79 crore.<p>"Q-Com has a challenge to the local retailer and it is a challenge which will come to the political front," he said in comments that come a day after the listing of Swiggy, a prominent name in the Q-Com side.</p><p>The founder and non-executive director of private sector lender Kotak Mahindra Bank said India is a unique country in the world where quick service retail has succeeded, unlike in most other parts of the world where this model has not been as effective.</p><p>This is a positive sign, where Indian innovation is working on the ground and some of this value creation is indeed real and sustainable, he said.</p><p>However, India is yet to deliver consumer brands like Apple, Meta, Unilever etc which are a key feature in any developed country or region, Kotak said, exhorting Indian businesses to focus on product and creativity.</p><p>Kotak also said that the protection for domestic players in the domestic market is "very dangerous" from a long-term competitiveness perspective.</p><p>"I'd love to see Indian business being competitive in free and fair trade. We should move in the direction of open trade rather than protecting domestic business," he said.</p><p>The billionaire banker said foreign portfolio investors have over USD 900 billion invested in the Indian markets, and with the changes which will happen under a Trump administration or any other global event, the country needs to be ready for 5-10 per cent of it moving out.</p><p>Kotak also pitched for an increase in the defence budget, saying it is strength on this front that shows the true prowess of a country.</p>
<p>Mumbai: Financial services industry veteran Uday Kotak on Thursday said the successful quick commerce (Q-Com) trade poses a challenge to retailers and will become a political issue.</p><p>Speaking at an event organised by CNBC TV18, Kotak also pitched for Indian businesses becoming more competitive in a "free and fair trade".</p>.Kotak Mahindra Bank shares slump nearly 7%; market valuation erodes by Rs 24,801.79 crore.<p>"Q-Com has a challenge to the local retailer and it is a challenge which will come to the political front," he said in comments that come a day after the listing of Swiggy, a prominent name in the Q-Com side.</p><p>The founder and non-executive director of private sector lender Kotak Mahindra Bank said India is a unique country in the world where quick service retail has succeeded, unlike in most other parts of the world where this model has not been as effective.</p><p>This is a positive sign, where Indian innovation is working on the ground and some of this value creation is indeed real and sustainable, he said.</p><p>However, India is yet to deliver consumer brands like Apple, Meta, Unilever etc which are a key feature in any developed country or region, Kotak said, exhorting Indian businesses to focus on product and creativity.</p><p>Kotak also said that the protection for domestic players in the domestic market is "very dangerous" from a long-term competitiveness perspective.</p><p>"I'd love to see Indian business being competitive in free and fair trade. We should move in the direction of open trade rather than protecting domestic business," he said.</p><p>The billionaire banker said foreign portfolio investors have over USD 900 billion invested in the Indian markets, and with the changes which will happen under a Trump administration or any other global event, the country needs to be ready for 5-10 per cent of it moving out.</p><p>Kotak also pitched for an increase in the defence budget, saying it is strength on this front that shows the true prowess of a country.</p>