Cyrus Mistry sees growth potential in 'Make in India'

Tata Group chairman Cyrus Mistry said on Wednesday that the Narendra Modi government's 'Make in India' campaign holds the promise of reigniting growth in the years ahead.

In his New Year message to the 5.82 lakh employees of the Group, Mistry said, "Keeping with our pioneering spirit that is core to the Group, we look to continue to invest in R&D and in the development of new technologies which will become an integral part of our companies' strategies. Amidst a complex and unpredictable geopolitical environment, we find that new opportunities have emerged, but equally, several challenges persist."

On 'Make in India', Mistry said, "In India, recent policy measures and strategic direction defined by the government, especially its ambitious 'Make in India' campaign, hold the promise of reigniting growth in the years to come."

Mistry pointed out that globally, major markets seem to be on two different growth tracks.

"Some countries such as the US and the UK continue to show signs of recovery and growth. On the other hand, the large economies of China and Europe have fallen short of growth expectations. This has led to a fall in global commodity markets, which offers both challenges and opportunities."

Mistry also said that it is critically important for the Group's firms to collaborate and learn, not only from each other, but also from the global best in today's challenging economic and competitive environment that has put relentless pressure on margins.

Reiterating the Group's Vision 2025 targets, Mistry said that in the next 10 years, 25 per cent of the world's population will experience the Tata commitment to improving lives of customers and communities. "As a result, Tata will be among the 25 most-admired corporate and employer brands globally with a market capitalisation comparable to the 25-most valuable companies in the world."