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Below is the edited transcript of Uday Kotak's interview with CNBC-TV18's Menaka Doshi
Q: Are business leaders turning positive on India? Are we back on agenda?
A: If the question you are asking is whether India is back on the agenda my response to that would be not yet. The few business leaders that I have interacted with here since Tuesday have yet not sounded very positive on India. They are hopeful but not positive as yet. We have an interesting situation with the Indian delegation that is visiting here. It is fairly top heavy when it comes to the government delegation. So, we have five or six cabinet ministers attending this year's WEF annual meeting which is surprising for a government that is just about to go to elections.
On the business front, the numbers are large but several familiar faces in Davos are missing. We don't have Anand Mahindra with us, we don't have YC Deveshwar, Mukesh Ambani dropped out, Sajjan Jindal dropped out but we do have one Davos veteran here with me today, Uday Kotak who has been coming for many years and is amongst the handful of senior business leaders that is attending this year's annual meeting.
Q: What do you make of the mood that you are picking up in Davos? Is it a mood that expects a global recovery this year or is it more subdued?
A: This year you don't have any major global issue; nothing which is shattering. There is no European crisis, there is no global financial crisis, there is no Iraq and there is no Afghanistan. It almost seems like a Davos without any major global issue at this point of time. If at all one gets a sense that global economy is in a sense of repair and improvement. Europe, people still believe will be slow but looks like nobody is expecting a crisis. The US as well no crisis expected, maybe growth a little slower than what people would have liked but no major issues on the global agenda as it looks today. However, having been at Davos for many years I have found that when Davos looks very clam you have to be careful because there is always some storm coming some point of time.
Q: When you say storm is it a good storm or a bad storm, a bad storm that could take us further lower or a good storm that might turn things but help us move upwards?
A: Only time will tell, so, when we meet here in 2015 we should reflect on a calm, looks like no major issues Davos. T he interesting aspect about this years Davos is you are getting the Iranian premiere and the worlds watching how that shapes out and what it does to global oil.
Q: We were talking to the chief economist at IEA earlier today and he said that this could unlikely have any impact in the near term on crude oil prices. So, atleast for the stretch of 2014 he has ruled out any peace agreement with Iran or any easing of nuclear sanctions having a big impact on the oil market because he thinks this will take a long time. What is your view on that?
A: I am more optimistic. My view is Brent which is relevant for India will be an average of sub USD 105 for 2014 calendar. May be closer to USD 100 and that could be good news for India.
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