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MUMBAI : Despite global challenges such as the energy crisis in Europe, the threat of recession and high inflation in Western countries, and geopolitical conflicts, India is well-positioned to remain the fastest-growing major economy, driven by increasing consumption, investment, and consumer confidence, Tata group chairman N. Chandrasekaran said in a note to employees.
“The global environment has several risk factors, including the energy crisis in Europe, the battle to contain inflation to avoid a recession, and ongoing geopolitical conflicts. Barring the pandemic and a global financial crisis, next year may see the lowest global growth since the millennium began. We will need to keep a careful watch on commodity price rises, in particular,” Chandrasekaran said in his letter.
However, he was optimistic that inflation may gradually moderate next year. “India is well positioned, and we will continue to be the fastest growing major economy, supported by increasing consumption, consumer confidence and investment. Slowing global growth may act as a drag on output, but our rising share of global manufacturing should provide some buffer and insulation,” said Chandrasekaran.
India is well placed, and the Tata Group has tremendous opportunity amid global transitions towards artificial intelligence and machine learning, sustainability and diversified supply chains, he added.
“As you are aware, we have launched new initiatives to participate in global supply chains. On sustainability, we have devised a group-wide project—Aalingana (embrace). Our approach encompasses three interconnected pillars: reducing emissions to reach net zero by 2045; pioneering circular economies through sharing, reusing, and recycling, and preserving and restoring nature and biodiversity. We are excited to accelerate this journey during 2023.”
On the group’s performance in 2022, he said the group achieved various milestones during the year. “We have experienced significant milestones during the year, including the welcoming of Air India back to the group; the launch of TataNeu; and Tata Motors passenger vehicles crossing 500,000 cars sold within a calendar year, with Tata EV cars accounting for 10%.”
The Tata Group has also seen good improvement and strong performance from all companies across the group, he added. “Our success came from our relentless drive to lead, the remarkable dedication and talent we nurture. In each segment, we are continuing to make progress and raising the bar, be it in terms of performance, customer experience, quality, sustainability or innovation…We face the future confidently to achieve more, not only for our businesses and shareholders, but our country and communities,” he said.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
