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Shock is coming and it’s coming big unless war stops tomorrow: Billionaire banker Uday Kotak

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Billionaire banker Uday Kotak on Tuesday struck a word of caution for Indians saying the big fuel price rise shock was coming and it was coming big unless the West Asia war stops tomorrow.”We must prepare for the worst. It is about preparation. Be ready for tough times rather than wait for the shock to hit us. I think you will begin to see it. We have not seen in the last two months the impact of the West Asia war in terms of energy price transition. It is coming and it is coming big,” said the founder of Kotak Mahindra Bank speaking at a local business summit.Uday Kotak said the consumer has not yet felt the price of the pressure at all. “And think about the consumer with limited income, having to spend more directly on fuel and indirectly on other items dependent on fuel. We had an old inventory and oil companies have absorbed the shock but I don’t think you are too far away from the shock.And this is something to which no one has an answer unless Iran war stops tomorrow morning,” he warned as the strain on global crude supplies mounted amid the West Asia war.

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