Introduction:
Ratan Tata visited IIT Bombay and interacted with students. Mr. Tata shared his thoughts on entering a new phase of his life and contributing to society through technology. He expressed his appreciation for the quality of work and level of technology at IIT Bombay.

Tata’s Accomplishments and Recognition:
Mr. Tata was conferred an Honoris Causa degree in Science by IIT Bombay in 2007. He completed almost 50 years with the Tata group.

Tata’s Aspirations:
Tata wants to give back to the communities and fuse world technology with human welfare, particularly in areas like nutrition and drinking water. He sees a connection with the students as they are also at a new phase in their lives.

Observations on IIT Bombay:
Tata was impressed by the quality of work and level of technology at IIT Bombay during his visit to the labs and schools. He noted the significant difference in funding between US universities and IIT Bombay, highlighting the impact it could have on the institute’s environment and initiatives.

Tata’s Gratitude and Encouragement:
Tata expressed his respect for the students’ work and wished them success in their future endeavors. He acknowledged that some of them would become leaders in technology and industry and contribute to the country’s growth.

Conclusion:
Tata considered himself a “fledgling” in a new world compared to the students’ clarity of direction. The session was conducted by Vavap Tamrata.

Perceptions of Corruption and Growth:
The perception that businesses must engage in corruption to prosper is incorrect and unfortunate. Tata has grown from $5 billion to $100 billion in the past 15 years despite refusing to participate in corruption.

Non-Compete Clauses and Entrepreneurship:
Tata has a non-compete clause in its retirement plans, preventing retirees from working in the same industry or starting a competing company. Ratan Tata acknowledges the potential conflict this creates for Tata alumni who want to become entrepreneurs.

Challenges for Startups in India:
India lacks adequate venture capital facilities that support young and untried ideas without applying strict banking criteria. This makes it difficult for entrepreneurs to take risks and start successful startups.

Tata’s Collaboration with the Government:
Tata has few collaborations with the government of India due to difficulties in dealing with the government’s risk-taking and empowerment of departments. The private sector and the government often have different perspectives on various matters.

Maintaining Tata’s Values and Ethics:
Tata’s values and ethics were enshrined from John Sajid Tata’s time, emphasizing national industries. During the socialist goals of independence, Tata’s abided by the government’s policies. Ratan Tata formalized Tata’s value systems and ethics in writing, leading to strict actions against errant employees or directors.

Values in Business:
Written codes of conduct are not enough to instill values; it’s the organization’s leadership and culture that truly shape values. Values are not static; they need to be renewed and refreshed over time.

Educational Reforms:
Education and career markets should be based on merit and equality, not on social status or wealth. India should strive to be an equal opportunity country where anyone can rise to the top based on their abilities.

Inspirational Stories of Success:
Stories of individuals who overcame poverty and achieved great success should inspire us all and demonstrate the possibilities available to each of us.

Aspiration and Disillusionment:
Ratan Tata faced disillusionment early in his career due to inequalities and lack of opportunities. He desired to be heard and express himself without being stifled.

Importance of Sensitivity and Humility:
IIT graduates should be sensitive to the millions of people who lack the opportunities they have received. Education and knowledge should be used to enhance the quality of life for all, not to create a vast disparity between the haves and have-nots.

Significant Life Incident:
Ratan Tata’s decision to stay in India despite frustrations was perhaps the most significant incident in his life. This choice led him on a different path than he would have taken if he had returned to the United States.

Gender Equality in IITs:
Gender disparity in IITs and the need for more female students and engineers in technical fields are recognized. Ratan Tata emphasizes the importance of sensitivity to gender equality and creating equal opportunities for both men and women.

Tata’s Harvard Business School Donation:
Ratan Tata explains that Tata Group’s donation to Harvard Business School was for an executive education building, not the MBA program. The motivation behind the donation was to symbolically place India on the map of prominent business education and have potential world leaders pass through the Tata Hall. The donation was a shared expenditure, with 50% from Tata and 50% raised by Harvard Business School.

Tata’s View on MNCs:
Ratan Tata believes that MNCs are not a threat to India if they are seen as drivers for competition and innovation among Indian companies. He cites the automobile industry as an example, where despite producing 2 million cars a year, Indian companies have not been able to export many cars due to competition from MNCs. Tata emphasizes the need for Indian companies to learn from MNCs and use them as a benchmark for improving their own products and services.

MNCs and the Indian Automobile Industry:
Only two Indian companies, Mahindra and Padas, are true manufacturers of Indian cars, while all other international manufacturers operate in India. Before the arrival of MNCs, Indian manufacturers produced a limited range of cars with low innovation and long wait times.

Benefits of MNCs to India:
MNCs have brought increased scale, innovation, and competition to the Indian automobile industry. Indian manufacturers are driven to compete with MNCs, leading to improved quality and innovation in their products.

Indian Companies’ Response to MNCs:
Indian companies should not view MNCs as a threat but rather as a motivator to excel. Employers should encourage employees to innovate and think creatively to outdo MNCs in the marketplace.

Examples of Successful Indian Companies:
Tata Motors’ acquisition of Jaguar and Land Rover demonstrates the success of an Indian company in the global automotive industry. Mr. Mittal’s ownership of the largest steel enterprise in the world is another example of Indian companies achieving global success.

Conclusion:
MNCs should be seen as motivators for Indian companies to improve and compete in the global marketplace. Indian companies should strive to outdo MNCs and achieve global success.

Equal Opportunity and Meritocracy:
Ratan Tata believes in equal opportunity, but recognizes the challenge of providing equal opportunities in India, particularly due to the disadvantaged backgrounds of many people.

Addressing Disadvantage and Inequality:
He emphasizes the importance of addressing disadvantages from an early age, starting with primary education, to create a more level playing field for all Indians.

Regional Language Disadvantage in Education:
Tata points out the disadvantage faced by students who start their education in regional languages compared to those who attend English schools, highlighting the need for government awareness and action to address this issue.

Data Motors’ Approach to Electric Vehicle Technology:
Tata explains that Data Motors is exploring both existing platforms and new modular platforms to accommodate electric motors and batteries in their vehicles.

Business Case for Electric Vehicles:
The business case for electric vehicles remains challenging due to high battery costs, requiring some subsidization of the finished product.

India as a Product and Service Economy:
Tata believes that a country should strive for a balance between manufacturing and service sectors, rather than focusing solely on one or the other.

Manufacturing as the Heartbeat of the Country:
He emphasizes the importance of the manufacturing sector as the heartbeat of the country, while recognizing the need for a strong service sector as well.

IT Services as a Major Part of India’s Economy:
Tata cites the example of India’s IT services sector as a successful part of the economy, highlighting the potential for other countries to develop strong service sectors.

Ratan Tata’s Plans for West Bengal:
Ratan Tata expressed his desire to re-establish an industrial presence in West Bengal after the Singur controversy. He mentioned that they have a cancer hospital and other industries operating in the state despite the challenges. Tata emphasized the need for a non-hostile environment to attract investment and increase their presence in West Bengal.

Talent in Manufacturing:
The discussion highlighted the need for talent in the manufacturing sector. Tata believes that the next big sector in manufacturing and technical areas will be defense and aerospace. He sees potential for growth and capability attainment in this sector, especially with the involvement of foreign companies seeking low-cost and skill-rich countries.

Stress Management:
Ratan Tata admitted that he has never practiced meditation and couldn’t give advice on its benefits. He suggested that each person finds their own way to release stress, which could be activities like running, listening to music, painting, or drawing.

Closing Remarks:
Tata expressed his nervousness about facing the audience and thanked them for their questions.

Lack of Research in India:
India lacks research compared to other countries, especially the United States.

Improving Research in India:
The government should provide more contract research to companies and institutions. Companies should be willing to bear the risk of non-performance and penalties related to contract research. There should be a well-defined methodology for contracting research.

Benefits of Increased Research:
Increased research would generate income for companies. Increased research would result in greater activity.

Cultural Issues:
Indian companies need to develop a culture of research and not be afraid of failing.

Research Priorities in India:
Ratan Tata believes that Indian companies should prioritize product development over fundamental research. He emphasizes the importance of reverse engineering and understanding quality and durability. Tata suggests that India needs to overcome the stigma associated with domestically produced goods.

Transition to Basic and Applied Research:
Tata advocates for a gradual shift towards basic and applied research, beyond technical excitement or paper publishing. He encourages frontier work in research areas and sees institutes like IIT Bombay as catalysts for this shift.

Appreciation and Gratitude:
The Q&A session was lengthy and engaging, with students actively participating. Gratitude was expressed to Ratan Tata for his time and interaction with IIT Bombay students. Appreciation was also extended to Dr. Prakodkar for gracing the occasion and to the audience for their attentiveness.