We like to say that India has the advantage of being a large market. We have provinces, we have the rule of law, we have a system of justice. But those are also weaknesses when compared with China. On the other hand, one of our strengths is that we are very individualistic, and as individuals we are very creative. But that, too, is a weakness, because it keeps us from working well together. Everyone thinks only about his own profit.
Ratan TataI 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.
Ratan TataSome 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.
Ratan TataI've never believed protectionism of that kind will lead us anywhere. I think you can have certain specific rules for engaging with India.. for example, not allowing mineral resources to be taken out of the country.. but there is not a shred of doubt in my mind that when you open an economy you should do it in totality. Foreign investment adds a sense of competition; we should see this as a wake-up call to modernise and upgrade. Companies that do not will undoubtedly die.
Ratan Tata