Watch: Cyrus Mistry's old 'Make in India' speech; PM Modi, Mukesh Ambani, Azim Premji in audience

Former Tata Group chairperson Cyrus Mistry, who passed away in a car accident on September 4, was quite the optimist when it came to the India story. In his address at a 'Make in India' event back in 2014, Mistry said India was at a far more superior position due to its talent pool and market which focuses on scale and growth.  

Those present at the event included Prime Minister Narendra Modi and Minister of State for Textiles at the time Santosh Kumar Gangwar. Besides them, Reliance Industries (RIL) chairman Mukesh Ambani and Wipro’s Azim Premji were also present in the audience.  

Mistry said, “I believe there are two major strategic advantages India has. The first [is] our human capital. The depth, breadth and diversity of India’s talent pool is unparalleled. The second is a market which affords scale and growth. We have over a billion consumers with a high consumption growth rate, sustainable into the next few decades.” 

Towards the end of his address, Mistry said, “India is at a historic moment and we have the opportunity to together catapult the country to a new orbit.” 

While flexible work may have gained prominence during the COVID-19 pandemic, Mistry supported it when it was not even a concept in India. He believed government should amend labour laws to allow people to choose flexibility without sacrificing an “appropriate safety net” in the form of their jobs.  

Mistry also backed the utilisation of learning and skilling initiatives to improve employability among youth.  

He further mentioned that manufacturing sector’s contribution to the GDP will grow from 15 per cent to 25 per cent. The former Tata Sons chairman explained increasing contribution of manufacturing sector to GDP would be significant in managing current account deficit and attaining forex stability.  

Mistry also talked about addressing “certain challenges on a priority” to make manufacturing sector the fulcrum on which the Indian economy could rest. These included building critical infrastructure backed by stable policies, ushering in transparent and competitive tax and duty structures, using e-governance for time-bound administration and cost-efficient energy coupled with logistics.  

He also hailed Make in India as “a timely and unique opportunity” for government and industry to work collaboratively towards making India globally competitive.  

Mistry underscored, “A majority of countries that have achieved a high standard of living have done so because of a vibrant industrial economy. The biggest challenge for India in the foreseeable future is to create employment for the over 12 million young people entering the workforce annually. This employment will have to be generated by the manufacturing sector which has also a multiplier effect on the services sector.” 

Cyrus Pallonji Mistry was the chairman of the salt-to-software bellwether from 2012 to 2016. Mistry was ousted from his position in late 2016 after a public and protracted legal battle between the Tata and Mistry families. Following this, Natarajan Chandrasekaran was chosen to fill in Mistry’s shoes and Chandrasekaran took official charge from February 2017.  

Also read: Cyrus Mistry death: Jehangir Pandole, the co-passenger who got killed, was a KPMG director

Also read: How Cyrus Mistry transformed modern India’s landscape

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