New Delhi, May 12 -- Banker and founder of Kotak Mahindra Bank, Uday Kotak, on Tuesday backed Prime Minister Narendra Modi's recent remarks on austerity and moderated consumption, saying India must prepare itself for prolonged global uncertainty and avoid "living beyond its means"

Interacting with Industry leaders at the CII Annual Summit, Kotak said the Prime Minister's remarks reflected a larger strategic concern around India's economic resilience amid geopolitical instability and rising energy risks.

Referring to the ongoing crisis in West Asia, Kotak described the situation as "a much more bigger, much more complex problem than it sounds," while underlining the need for the country to prepare for external shocks.

He said the Prime ...