Close on the heels of completing two years as head of one of India’s largest business houses, Cyrus Mistry, chairman of the Tata group, on Wednesday said the Narendra Modi-led government’s ‘Make in India’ campaign holds the “promise of re-igniting growth in the years to come”.
In his annual letter to employees, a ritual followed diligently by most Tata group chairmen and closely-watched for its glimpses into the group future initiatives, Mistry hailed the ‘Make in India’ campaign for focusing on innovation for domestic production.
“Amidst a complex and unpredictable geopolitical environment, we find that new opportunities have emerged, but equally, several challenges persist. In India, recent policy measure and strategic direction defined by the government, especially its ambitious ‘Make in India’ campaign, hold the promise of re-igniting growth in the years to come,” said the letter, a copy of which was reviewed by HT.
The challenges included the impact of slowing economies of China and Europe, which led to a fall in global commodity markets, Mistry said in the letter.
For the $103-billion, salt-to-software conglomerate, global market dynamics are vital as the group earns about 67% of its revenue from overseas economies.
“The tone of Mistry’s letter seemed more optimistic than his previous letter in December 2013,” a Tata group employee said.
In 2013, just a year after taking over from Ratan Tata, Mistry spoke about the volatile business environment, which had impacted several Tata companies. In his letter this year, the chairman was more hopeful while setting out the group’s vision. “Our Vision 2025 is a reflection of what we can do over the next 10 years. 25% of the world’s population will experience the Tata commitment… As a result we will be amongst the 25 most admired brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world,” Mistry said.