India needs 9 percent growth for 20 years to catch up with the China of today, says veteran banker Uday Kotak.

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“Over the years, we have become too much of what I call 'lakeer ka fakeer' (going on the same beaten path). If something is written down, we as a system find it very difficult to change it even if our judgement says we need to change it. There is just too much concern about which agency is overseeing. Whether in government or business, if change has to be made, then we should have the courage or conviction to make that change,” he said.

Kotak also expects lending rates to ease in a few days and cautions against sovereign dollar bonds, calling it ‘steroids’ that India does not need.

“I personally believe that the job of the government is to focus on the broader system and getting our overall governance mechanism right. However, unless there is some exceptional reason like what the US did post the 2008 crisis, where the US government bought into banks for a short while and then got out, I am of the view that government must have a limited or no role in business over time. Not a very popular thing to say, but I genuinely believe that we need to move towards this direction,” Kotak said.