Fabric of Indian values, ethics deteriorating: Ratan Tata

However, Tata, who was awarded an honorary Doctorate of Business from the University of New South Wales, said he feels that the fabric of Indian values and ethics was "slowly deteriorating", especially in the business community.

He made it clear that his group, India's largest conglomerate, was based on strong ethics and would not participate in corruption and bribery.

"India (may have) had many changes of government, but the outlook 'might not be as bad as you might think...I would have hope'," The Australian daily quoted him as saying.

Tata said he expects China to move towards democracy. He said many democracies would also have to find ways of "enforcing what they want to do if they want to move forward".

Tata said that Australia and India should step up bilateral trade ties, especially in high-technology areas adding that there were good reasons for the countries to "do much more together than they have done".

"Australia is a vibrant economy," Tata said.

There were areas of high technology where Australia was "at the forefront" and India could benefit from this.

"India seeks some of the technology that Australia produces," the 74-year-old chairman of Tata Group said.

At the same time, he said India had a much larger population of some 350 million middle class consumers, which would grow as high as 600 million.

Trade between Australia and India has soared over the

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