ENS Economic Bureau By

MUMBAI: The new government’s recent policy measures and strategic direction, especially its ‘Make in India’ initiative, hold the promise of re-igniting growth in the years to come, Cyrus P Mistry, the chairman of Tata Sons and other Tata group companies said in a letter to the group employees.

Mistry said even as opportunities have emerged, challenges still persist amidst a complex and unpredictable geopolitical environment. While countries such as the US and the UK continue to show economic recovery and growth, others like China and rest of Europe fell short of growth expectations. The resultant fall in global commodity prices is both a challenge and an opportunity for the group, he said.

The Tata group has 100 operating companies, across 100 countries and posted revenue of `6,24,757 crore in 2013-14, two-thirds of which came from outside India.

Exhorting employees to persist in learning from each other as well as from the global best, Mistry said the group and its employees must deepen understanding of several areas including digitization and big data analytics.

“In keeping with our pioneering spirit that is core to the group, we look to continue to invest in R&D and in the development of new technologies, which will become an integral part of our companies’ strategies,’’ Mistry wrote to the group’s 581,470 employees.

“Today, emerging technologies in the digital and physical space are transforming businesses at a pace never seen before.”

Mistry reiterated his group’s commitment to delivering long term value to all its stakeholders even as the group invests to sustain its growth. The group’s core purpose remains - “to improve the quality of life of the communities we serve globally, through long term stakeholder value creation based on Leadership with trust”.

“About 25 per cent of the world’s population will experience the Tata commitment to improving the quality of life of customers and communities,’’ Mistry said referring to the Group’s Vision 2025.

“As a result, Tata will be amongst the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world.’’

Mistry also vowed to strengthen Tata Business Excellence Model (TBEM) by creating a sharp focus on building expertise in critical areas and platforms for sharing best practices.