I've never believed protectionism of that kind will lead us anywhere. I think you can have certain specific rules for engaging with India.. for example, not allowing mineral resources to be taken out of the country.. but there is not a shred of doubt in my mind that when you open an economy you should do it in totality. Foreign investment adds a sense of competition; we should see this as a wake-up call to modernise and upgrade. Companies that do not will undoubtedly die.
Interpretation
Opening an economy completely encourages competition and modernization.
Ratan Tata emphasizes the importance of fully opening an economy to foreign investment and competition, arguing that while some regulations may be necessary, protectionist measures can hinder growth. He suggests that businesses must adapt and modernize in order to thrive, as those that resist change will ultimately fail.
In practice
This quote can be used in a business seminar discussing the benefits of globalization.
I am proud of my country. But we need to unite to make a unified India, free of communalism and casteism. We need to build India into a land of equal opportunity for all. We can be a truly great nation if we set our sights high and deliver to the people the fruits of continued growth, prosperity and equal opportunity.
Ups and downs in life are very important to keep us going, because a straight line even in an ECG means we are not alive
If there are challenges thrown across, then some interesting, innovative solutions are found. Without challenges, the tendency is to go on the same way.
I will certainly not join politics. I would like to be remembered as a clean businessman who has not partaken in any twists and turns beneath the surface, and one who has been reasonably successful.
When you see in places like Africa and parts of Asia abject poverty, hungry children and malnutrition around you, and you look at yourself as being people who have well being and comforts, I think it takes a very insensitive, tough person not to feel they need to do something.
I may have hurt some people along the way, but I would like to be seen as somebody who has done his best to do the right thing for any situation and not compromised.
It is better that a man should tyrannize over his bank balance than over his fellow-citizens.
Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
COMMERCE, n. A kind of transaction in which A plunders from B the goods of C, and for compensation B picks the pocket of D of money belonging to E.
A nation's economy is more than its markets, tastes, technologies and property rights.
It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.
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