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Cyrus Mistry, chairman, $103 billion turnover Tata Group bats for Narendra Modi government’s Make in India programme in his new year letter to over six lakh employees besides highlighting the challenges that group faces.
“Recent policy measures and strategic direction defined by the new government especially it ambitious Make in India campaign hold the promise of re-igniting growth in the years to come,” says Mistry.
Mistry, the new chairman who completed his second year as group head has laid out a long term growth strategy plan called Vision 2025. In the letter he says that emerging technologies in the digital and physical space are transforming businesses at a pace never seen before.
“We must deepen our understanding in several areas such as digitization and big data analytics, and develop an innovation and technology road map to effectively serve evolving customer needs,” he says in the letter. He further emphasizes the need to collaborate and learn as the challenging economic and competitive pressure is putting pressure on profit margins.
As the group is spread in over 100 countries and earns over 70 per cent revenue from abroad, Mistry highlights the global challenges by pointing out that the US and the UK, continue to show signs of economic recovery and growth but China and Europe are falling short of growth expectations. “This has led to a fall in global commodity markets, which offers both challenges and opportunities,” he says.
Under the Vision 2025 the group plans to be among the 25 most admired corporate and employer brands globally with a market capitalization comparable to the 25 most valuable companies in the world.
