Capitalism in India: Ratan Tata’s legacy
The Economist - about 5 years
IT IS easy to understand why Ratan Tata, who retires as chairman of Tata Sons on December 28th, is important. The conglomerate he runs is India’s largest private-sector concern, accounting for 7% of the stockmarket. It pays 3% of all India’s corporate tax and 5% of all its excise duty. You can live in a house, drive a car, make a phone call, season your food, insure yourself, wear a watch, walk in shoes, cool yourself with air-conditioning and stay in a hotel, all courtesy of Tata firms. Polite, elegant and reserved, Mr Tata has been the king of India’s corporate scene for the past two decades. Indians look up to him in much the same way that Italians once looked up to Gianni Agnelli at Fiat or Americans did to J.P. Morgan.In some ways, though, the reverence for Mr Tata is odd. He is not a geekish entrepreneur, like the high-tech wizards in Bangalore. He is an old-style dynast—the fifth generation to run his 144-year-old firm. He took time to grow into the job: when he took ...
Article Link: The Economist article