“2020 belongs to India, and we need a new focus on talent, we need to enable data and bandwidth, and we need to be a part of the new regulatory standards emerging in India,” Chandrasekaran said.
People focus on the success of “Asian miracle” economies like Japan and South Korea and attribute it to their export-led manufacturing prowess. However, that was just the outcome of these countries’ investments in health, education and skill development, Chandrasekaran said, suggesting that India too focus on these areas. “India’s strength is our talent pool.”
Chandrasekaran pointed out a few business trends emerging after the pandemic-led lockdowns, that are here to stay for a long time.
“Models of working from home are still growing, making all companies rethink about the future of work…the reality of climate change is upon us in a telling way and the rush towards renewables is going to accelerate,” he said.
“While this rebound looks spectacular it is coming on the back of real loss of output”
In connection to that, Tata Group is also spearheading new platforms in areas like tech manufacturing, future mobility and renewable, health and will also work with the SMEs to unlock their potential for the economy, Chandrasekaran said.
The year 2020 marked the decoupling of the US and China as countries around the world started to de-risk their supply chains. This provides “limitless” opportunity for India, according to the Tata Sons chairman.
Several high-frequency economic indicators have rebound quickly fuelling optimism in India in the near term.
“The contraction of the economy in the third quarter was also smaller than expected and the GDP growth could accelerate over to 11% in 2022,” he added.
While this rebound looks spectacular it is coming on the back of real loss of output, Chandrasekaran said adding that Indian businesses will need to not only recover but accelerate.