'TACT'FUL Q & A: Kotak Private’s newest ‘Take & Counter Take’ brings two seasoned market voices who see the same data—through very different lenses.
FinTech BizNews Service
Mumbai, 16 December 2025: Kotak Private Banking launched Take and Counter Take (TACT), an invite-only thought leadership platform designed to spark informed conversations among India’s wealth creators. Each session introduces a fresh perspective through a ‘Take’ and then a ‘Counter Take’ that challenges assumptions and deepens the dialogue.
The inaugural session in Mumbai explored a pivotal question: Is India a safe bet for big investors? The debate featured two of India’s most respected market voices — Prashant Jain, Founder and CIO, 3P Investment Managers and Sanjeev Prasad, MD and Co-Head, Kotak Institutional Equities — moderated by Nilesh Shah, Group President and MD, Kotak Mahindra Asset Management Co. Ltd.
Oisharya Das, CEO, Kotak Private Banking spokesperson said, ““Take and Counter Take is about elevating financial dialogue in India. By surfacing diverse opinions we empower clients with foresight and clarity — reinforcing Kotak Private’s commitment to trust and bespoke solutions for wealth creators.”
The discussion set the tone for why this question matters now — India’s economy is at an inflection point with strong growth signals, yet structural challenges and global headwinds demand nuanced thinking. Some insights that emerged from the debate:
India’s Growth Story: Optimism vs Structural Risks
Take: Prashant Jain called India’s outlook “the most optimistic in 35 years,” citing three drivers — surging non-software services exports, manufacturing momentum with Apple now assembling 25% of iPhones in India, and reforms that could sustain 6–7% growth.
Counter Take: Sanjeev Prasad flagged concerns on job creation amid automation, income inequality and a less favorable global trade environment.
Valuations: Premium or Pitfall
Take: Sanjeev argued headline multiples “mean very little,” highlighting stretched consumer stock valuations of 40–70x and risks to IT from AI disruption.
Counter Take: Prashant asserted India deserves a premium for its high RoE of ~16%, low growth volatility and structural resilience — though return expectations should align with nominal GDP (10–12%).
Global Linkages: Decoupled Economy, Coupled Markets
Both agreed India’s fundamentals are strong but markets remain sensitive to global cycles. Domestic liquidity cushions volatility yet prolonged low returns could dampen retail optimism.
IPO Boom: Opportunity vs Overhang
Prashant welcomed capital access for entrepreneurs while Sanjeev warned of governance risks as many recent IPOs serve as PE exits rather than funding core assets.
In Summary
The session underscored a clear message — India’s macro story is compelling, but investors must navigate structural challenges, valuation discipline and global volatility with realism. Both experts agreed that while the downside for large-cap equities may be limited, return expectations should remain modest and sector selection will be critical. Financials, healthcare and manufacturing emerged as preferred plays, while consumer and retail warrant caution.
Take and Counter Take is Kotak Private’s commitment to creating a distinctive thought leadership platform for wealth creators. Every session will bring two authoritative voices with contrasting perspectives, moderated by senior Kotak leaders to ensure depth and balance.
Future editions will tackle themes that define the next decade of investing — sustainability imperatives, technology disruptions including AI and biotech, global capital flows, and emerging investment paradigms. By curating these dialogues, Kotak Private aims to give clients and stakeholders exclusive access to insights that go beyond headlines and shape smarter decisions.
Kotak Private Banking, a division of the Bank, is one of the oldest and most respected private banking institutions in India. It provides end-to-end banking and investment services to its clientele, which includes 60% of India’s top 100 families (Source: derived from the Forbes India Rich List, 2024).
