Ratan Tata: “India deserves to have a much larger car market than it does today.”

Ratan Tata, chairman emeritus, Tata Sons, has received the Frost & Sullivan Growth, Innovation and Leadership (GIL) Award for Visionary Innovation.

Speaking at the award function on September 24, Mr Tata credited Tata Sons’ success to the spirit of the people who work there. He added that whenever they set a new goal or acquired a new business, the company had to deal with different cultures but the organization as a whole was able to rise to the challenges rather than resist it. He emphasised that they have been able to retain the culture of the company as well as the business philosophy.

When asked about the future prospects of the Indian auto industry, Mr Tata said: “We have to ask ourselves have we made cars in India too expensive for the consumer, have we perhaps looked at low-scale and high margins as being the way to go, but if we really look at expanding the market I believe that India deserves to have a much larger car market than it does today. What it does not have is the power of brands from Indian companies. I believe there’s a great future for the car industry, great multiplier effect for the component industry to serve this, not only to serve this, domestically but internationally.”

GIL India: 2014 brought together a global network of today’s visionaries and thought leaders showcasing how to leverage innovation and convergence to address global challenges. The journey to visionary innovation, ‘Disrupt, Collapse and Transform’, inspired the executive attendees about the unlimited potential that exists in every industry.

In the keynote address on Disrupt, Collapse & Transform, Aroop Zutshi, global president and managing partner, said:  “To succeed in today’s highly networked and dynamic business environment, both as an individual and as a company, innovation is an essential ingredient. Tremendous opportunities exist in the areas of new business models and technology convergence. Business and industry disruption, collapse, and transformation is inevitable. You need to decide whether you will be a driver or a victim of these market forces. Visionary innovation is about knowing and co-creating products and solutions that your customers will want in the future.”

Talking on disruptive technologies, global innovations, and technology convergence, Rajiv Kumar, senior partner and global vice-president, said, “Technology driven disruption is a constant and instant phenomenon. Our focused work on the top 50 technologies and convergence scenarios represents a unique collection of the most exciting developments that are actively reshaping our world. These game-changing technologies are attracting huge investments, fueling cutting-edge developments, and driving creation of innovative products, services, solutions, and business models through convergence. Disruptive technologies are pervasive, inescapable, and creating multi-billion dollar opportunities globally. The need is to ensure that collaborative technology development facilitates social, economic, and environmental balance and sustainability.”

Photograph: Mr Ratan Tata, chairman emeritus, Tata Sons, receives the Frost & Sullivan Growth, Innovation and Leadership Award for Visionary Innovation from Aroop Zutshi, global president & managing partner (L) and Rajiv Kumar, senior partner & global vice-president.