What it takes: A goal, and a whole lot of guts

• "I am often asked, when I left India in 1976, was it my dream to recreate the world‘s largest steel company. The answer is, of course, no. Leaving India and starting a greenfield operation in a foreign country was a big risk. The last thing on my mind was to become the industry leader. I was simply focused on getting the operation up and running, finding a market and making some money. At the time, that in itself was big enough an achievement.

• Global expansion should not be about conquering, but about what makes sound business sense. This is the fundamental question that every business must ask itself when considering its future growth opportunities. Why do you need to expand? Is it because it will help the consolidation of your industry? Or help you capture international market share? Or create a global brand? Is it about technology? Is it because the financial community puts pressure on you to find new ways to maintain growth? Or is it only because growth is fashionable?

• There is no doubt that Indian business today has some very strong foundations. Firstly, it has the benefit of a fast-growing economy with a democratic process. Secondly, its multicultural and multi-ethnic society means it is already used to operating within different cultures and regions. We, Indian people, have a great intellectual capacity, coupled with a natural ambition and entrepreneurial spirit and a drive and character to work hard.

• As well as becoming more global in their outlook, it is vitally important for Indian businesses to take full advantage of all opportunities that exist within their home markets. They must look for global opportunities, but not to the extent that they ignore Indian demand.

• Indians have some outstanding personal attributes that give us a significant advantage over other nations. I truly believe that no other country can compete with India in terms of entrepreneurial spirit, drive and hard working nature.

• Stay true to your convictions and set clear operating, financial and marketing strategies that will be crucial to creating alignment in your organisation. If this can be done then yes, I believe that India Inc can ‘conquer’ the world."