He said he had strong views on what is proper and what is not while running a public limited company.
Although, laws should be followed and violators punished, laws cannot cover all actions of politicians, businessmen and bureaucrats.
Bajaj said although all were equal in law, one should not find scapegoats to be populist. He believed the main reason for Indian industry not being best was the regulation regime before liberalisation.
He said Indians lacked commitment and ambition and could not work as a unit from the top-level downwards.
Replying to a question on the future of mergers, he said out of the 12 companies making cars in India, only a few will survive, and all these will be foreign owned. The only Indian companies might be Hindustan Motors and PAL, with or without Indian majority ownership. Telco would also survive, if it comes out with small cars.
The commercial vehicles sector would continue to be dominated by Indian companies and half of the two and three wheelers segment was likely to remain under Indian control, he said.
Of the six major players in the two and three wheeler segment, Bajaj is the only one without foreign equity. He said he had plans to make Bajaj a major player in ten years time.
He said that he still had hopes of uniting Bajaj Auto and Bajaj Tempo.
He admitted that the Japanese had the edge as far as product and manufacturing technology were concerned and it was difficult to compete with them, although cost or volumes of production did not pose a problem.
Bajaj is strengthening its R&D department and importing technology as also developing the distribution network and brand equity to counter this threat.
