The strong live and the weak die. There is some bloodshed, and out of it emerges a much leaner industry, which tends to survive.

Ups and downs in life are very important to keep us going, because a straight line even in an ECG means we are not alive

What I would like to do is to leave behind a sustainable entity of a set of companies that operate in an exemplary manner in terms of ethics, values and continue what our ancestors left behind.

I do not know how history will judge me, but let me say that I've spent a lot of time and energy trying to transform the Tatas from a patriarchal concern to an institutional enterprise. It would, therefore, be a mark of failure on my part if it were perceived that Ratan Tata epitomises the Group's success. What I have done is establish growth mechanisms, play down individuals and play up the team that has made the companies what they are. I, for one, am not the kind who loves dwelling on the 'I'. If history remembers me at all, I hope it will be for this transformation.

I think the environment has become more competitive. That has made Indian industry more concerned with a) its customers, b) the quality of its products, and c) its brand image in the marketplace.

One of the weaknesses of Indian industry is that in many areas.. like consumer goods.. it is very fragmented. Individually, the companies might not be able to survive. What is needed is a consortium of like companies in one industry, presenting a strong front to the multinationals. The Swiss watch industry did this.

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.