Veteran banker Uday Kotak has warned that rising tensions in West Asia could mark the beginning of a "new phase of global colonialism" driven by control over trade routes and economic power.
Speaking at an event organised by FICCI in Mumbai, Kotak said recent developments involving the US, Israel, and Iran point to a changing global order.
"We are at a very important cusp... a return of global colonialism, something FICCI fought from 1927 till 1947," Kotak said.
He referred to comments by US President Donald Trump about controlling the Strait of Hormuz, calling such ideas "true colonialism" and comparing them to the global order before 1945.
Kotak was referring to remarks attributed to Trump suggesting that "whoever wins the war keeps the spoils" and that the US could charge for controlling the Strait of Hormuz, a key route for global oil supplies.
Kotak said the world may be entering a period in which geopolitical dominance is determined by control of major trade routes and economic leverage.
He also spoke about India’s economy, saying the country needs to strengthen its mid-sized manufacturing sector, particularly companies investing between Rs 100 crore and Rs 1,000 crore.
Kotak described this segment as the weakest part of India’s industrial system and said expanding it was necessary to build resilience and support the goal of an Atmanirbhar Bharat.
He also urged large companies to invest more in research, development, and innovation to remain competitive in an increasingly uncertain global environment.