Toughening biz environment major challenge: Ratan Tata
Ratan Tata, who has just stepped down as Tata group's head, has said that the biggest challenge for the USD 100 billion conglomerate's new Chairman Cyrus Mistry will be the country's business environment that is going to be tougher and more complex than the crisis of 1991.
"The big picture challenge is that the (business) environment is going to be tougher and more complex than it was in 1991. In 1991, there were less people aspiring to succeed in this newly opened economy. Today there are many," he said in an interview published by Time magazine.
Tata, who stepped down as head of the Tata group on December 28 after 21 years at its helm, was replying to a query about the biggest challenge for his successor. Mistry
has taken over from him as Chairman of Tata Sons, the holding company of salt-to-software conglomerate Tata group.
Asked whether corruption was eroding investor confidence in India, Tata said: "It's been a concern to many of us for some time", but it has been masked by the very high rate of growth and prosperity of the country.
"It has led to a fair amount of crony capitalism and people like us have been concerned that it is not usually a level playing field as it should be," he said.
To queries about Tata group's involvement in the alleged irregularities in the telecom space and a lobbyist for Tatas being under surveillance, Tata said that the of investigative agencies had not only cleared the group, but also found
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