India has probably lost its position to China as the world's workshop. At the same time it has the power to be ahead of China when it comes to knowledge. Not that the Chinese are far behind. They will get there. But our challenge is to invest sufficiently in education.

None can destroy iron, but its own rust can! Likewise none can destroy a person, but its own mindset can!

The country is now universally recognised as a nation on the move and takes its place amongst the successful economies in the region. The future potential is enormous but the country's destiny is in our hands. The time has come to move from small increments to bold, large initiatives. The time has come to stretch the envelope and set goals which were earlier not seen to be possible. The time has come for performance to be measured and for allocated funds of the government to reach the people for whom they were intended.

I have also made this a point in our company: We need to stop taking baby steps and start thinking globally. It really seems to be helping.

At Tatas, we believe that if we are not among the top three in an industry, we should look seriously at what it would take to become one of the top three players.. or think about exiting the industry

Some foreign investors accuse us of being unfair to shareholders by using our resources for community development. Yes, this is money that could have made for dividend payouts, but it also is money that's uplifting and improving the quality of life of people in the rural areas where we operate and work. We owe them that.

Young entrepreneurs will make a difference in the Indian ecosystem.