Ratan Tata showed by his actions that amassing wealth is not what an individual is remembered for.
On October 10, India woke up to the news that Tata Group Chairman Emeritus Ratan Tata was no more. He passed away at the age of 86 at Breach Candy Hospital in Mumbai. At 9 am, NewsX aired a debate on his demise, with a panel of three panelists including a top doctor and a financial expert. The doctor recounted how the Dorab Tata Foundation paid for his medical education expenses and how helpful Ratan Tata was to him and other young students. The financial expert spoke of how Ratan Tata, an entrepreneur already known for promoting startups, warmly encouraged the young startup entrepreneurs he brought with him to meet Tata. Ratan Tata's accumulation of wealth through his actions is not something that an individual should be remembered for, but rather what he or she has done to help those in need has shown them to be on their way to success. Many charities founded by the Tata family have ensured such a helping hand to countless people, many of whom have benefited the world. Many people remember what Tata Foundation has done for them, and some seek to do the same once they become successful in wealth accumulation themselves. The numerically small but qualitative Parsi community in India has contributed to the national welfare in all proportion to their share in the population. In the case of the Tatas, the group's founder, JN Tata, proved through his success that entrepreneurs in India could keep up with their British counterparts, even as colonial rule tried to handicap British firms by giving them undeserved opportunities and advantages. Later, JRT brought the world to India with Tata Air India, while Ratan Tata made the House of Tata globally respected for quality. His successor in the family, Noel Tata, can be expected to carry on such a legacy with a capable team of professional managers who have provided much of the Ratan Tata Group's operations. In a world where money has transformed humanity in so many ways, the Tata family has fostered a culture of contributing to society, which accounts for the reverence shown by millions to the Tata name. It was not the money but where the Tata money went that created that respect.
Increasingly in our time, success is defined by profit, even at the expense of the well-being of large numbers of people. Services are reduced to reduce overhead, while the cost of such services increases, making them scarcer and cheaper. Health insurance is an example of how profits are made at human expense, even by some domestic brands. Senior citizens with pre-existing conditions see insurance premiums rise, while access to affordable healthcare decreases. It is not clear why domestic insurance companies are tagging their names with foreign brands that only aim to make profits at whatever human cost. Fewer health insurance buyers buy because of the global brand than they buy because of the pulling power of the domestic brand. In the 1960s, VS Naipaul in his book “An Area of Darkness” referred to the fascination with foreignness in India. Most citizens don't have such an obsession with foreign brands, but try telling that to the owners of shopping malls. Each is filled with the same foreign brands, resulting in higher prices as customers leave. Obsession with foreign brands lingers in the minds of some companies, at the expense of their opportunities to go global and the consumer of their services. JN Tata has done India proud and his Indian brand has become a global leader. In many cases, as more and more citizens feel pride and confidence in our country, as all such foreign brands add value, others should follow such an example. There was a time when Tata trucks had to tag Mercedes-Benz, but that is no longer the case, the Tata name is enough to assure customers of the quality of the vehicles. In the past, before investment from China was viewed with skepticism, many foreign automobile and other manufacturing brands were acquired by Chinese companies. Technology transfer from such acquisitions was used to create domestic and later international champions. In India, many companies are on track to become global brands. Encouraged by the Modi government's Make in India policy, they are working towards manufacturing in India rather than assembling in India as is the practice. That's why more and more foreign brands are now coming to India or relying on India for the production of parts that are made in places where the cost is high, but the quality is less than what is available in India. Acquiring business education abroad does not mean dependence on foreign brands, but domestic manufacturers must use such knowledge acquisition to ensure they compete with the best available in the world. After all, if they check, they will find that students in India or of Indian origin are often the best in the class. If they excel there, they can excel here. In Prime Minister Narendra Modi's third term in office, the regulatory and tax system is on course for transformation, thereby ensuring that the business environment in India remains among the best in the world. Education, housing, employment and health are human rights, although ignored by many, they call the promotion of human rights. Modi 2.0 has worked hard to ensure quality access to hundreds of millions of these four decidata, which is slated to be completed during the tenure of the current Prime Minister Modi.
Source link
