India might have the world’s largest population, and be the world’s fourth largest economy, but its companies aren’t quite pulling their weight.
In a recent interview with Mint, industrialist Uday Kotak highlighted a glaring gap in India’s global presence: the lack of a truly global consumer brand. He questioned why Indian companies, despite having a massive domestic market, haven’t been able to create brands that resonate globally.
“Give me one global Indian consumer brand that you go to any corner of the world – from Boston to Paris to Bolivia to China to Sydney – where the global consumer recognizes an Indian consumer brand for what it is?” Kotak asked. “Frankly, I have struggled to find one. There are small pockets where progress has been made, but a global Indian consumer brand (doesn’t exist),” he said.
He then offered a series of comparisons, listing iconic global brands: “Apple, Meta, Google, Coke, Pepsi, PNG brands, Unilever brands, Chanel in Europe, BMW, Audi cars, Italian brands, Samsung, LG, Hyundai, Sony, Panasonic, Toyota, BYD, Lenovo, TikTok…”. Kotak said that there no was Indian brand that could be a part of this list.
Kotak says that India’s economy’s protected nature means that entrepreneurs are content to build their businesses in India, and not explore foreign shores. “I think we’ve got a very protected country, and people are very comfortable in the comfort of our 1.4 billion people. Home market is there, protection is in there. Why should Indian entrepreneurs really try to become a global brand? They’re making enough money (in India),” he said.
Kotak has highlighted a sobering reality — while Indian IT companies have achieved global recognition, the same cannot be said for consumer brands. The vast domestic market, while offering a comfortable cushion, may also be a trap, breeding complacency and discouraging the pursuit of global ambition. The protectionist tendencies Kotak alluded to, both within India and globally, could further exacerbate this inward focus.
This lack of global consumer brands has significant implications for India’s economic future. Building global brands not only boosts exports and generates revenue but also enhances a nation’s soft power and prestige. As the global economy becomes increasingly fragmented, Indian companies risk being left behind if they fail to develop globally recognized brands. The challenge, as Kotak points out, lies in overcoming the comfort of the domestic market and embracing the risks and rewards of global competition.