Ratan Tata, a globally respected figure, died at 86 on October 9th. Today, we fondly recall his immense contributions to India. In line with his profound wisdom, he emphasized the value of collaboration with the words, "If you want to walk fast, walk alone. If you want to walk far, walk together." He exemplified this by leading the Tata Group to great heights, building upon the foundation laid by his father, Jamshed Tata.
UK Business Secretary Jonathan Reynolds paid tribute, calling Tata a "titan of the business world" who "played a huge role in shaping British industry." Indeed he shaped British industry, but he also played a huge role in taking the Indian economy to new heights. He transformed a small family business into a global powerhouse.
Padma Vibhushan Awardee, Ratan Tata's Legacy in the Corporate World
The Tata Group, which he led to its peak, served as chairman for over two decades. He finally retired at the age of 75 in 2012 and had a significant impact on India's economy. Ratan Tata's influence on India is profound, and his contributions extended far beyond the business realm. He embarrassed the prospect of Taking the Tata group into the foreign shores. He made it more cohesive and introduced fresh thinking into it, innovated new ideas, and Indulged and stepped into many fields, whether it's steel, power, motors or whatnot.
Tata was a prolific investor and invested in over 30 start-ups. During his tenure, He had Tata Tea acquire Tetley, Tata Motors acquire Jaguar Land Rover, and Tata Steel acquire Corus. These acquisitions repositioned Tata from a largely India-centric group into a global business, with over 65% of revenues coming from operations and sales internationally.
In the fiscal year 2023-24, the collective revenue of Tata Companies exceeded $165 billion. These companies are also responsible for employing over 1 million people, highlighting their significant impact on the economy and job market.
Ratan Tata: A philanthropist
"He owns less than 1% of the group that bears his family name. But he is a titan nonetheless: the most powerful businessman in India and one of the most influential in the world," stated the Economist magazine in 2011 about the business tycoon Ratan Tata. Many new business tycoons entered the industry, but none enjoyed the public esteem of Ratan Tata, who was renowned for disbursing most of his wealth for social work. Ratan Tata has consistently demonstrated a strong work ethic and an unwavering commitment to understanding the everyday realities and nuances of ordinary people’s lives. Notably, sixty-six per cent of the equity share capital of Tata Sons is held by philanthropic trusts, which are dedicated to supporting education, health, livelihood generation, and art and culture.
He launched the world’s cheapest car, the Tata Nano, designed for affordability and mass mobility. "I remember seeing a family of four on a motorbike in the heavy Bombay rain. I knew I wanted to do more for these families who were risking their lives for lack of an alternative," Ratan Tata recalled, explaining why he decided to create the Tata Nano.
Tata Education and Development Trust, a philanthropic affiliate of the Tata Group, has established a $28 million Tata Scholarship Fund to provide financial aid to undergraduate students from India at Cornell University. This fund will support about 20 scholars at any given time, ensuring access to Cornell for the best Indian students regardless of their financial circumstances.
Tata supported the University of New South Wales Faculty of Engineering in developing capacitive deionization to provide improved water for areas facing challenges.
He donated Rs. 500 crore during the COVID-19 pandemic. After the tragic 26/11 terrorist attacks in Mumbai, Tata founded the “Taj Public Service Welfare Trust” to help the victims and their families with their rehabilitation.
Goodbye to India's Titan
During the launch of the Goodfellows startup in Mumbai in 2022, the founder delivered a speech to an audience comprising individuals from various age groups. He articulated, “You don’t mind getting old until you get old, and you find it’s a difficult world.”
Notwithstanding the conglomerate's global reach, its impact on the domestic front has remained exceedingly significant. For middle-class Indians, procuring Tata goods and services had become crucial. They commenced their day with Tata tea, accessed the internet through Tata Photon, engaged with Tata Sky programs on television, commuted in Tata taxis or owned Tata cars, and utilized innumerable products manufactured with Tata steel.
Tata's enduring legacy as an ethical leader, forward-thinking businessman, and committed philanthropist ensures that his profound influence will continue to shape the business world and society for many generations to come. His unwavering commitment to ethical business practices, innovative leadership, and impactful philanthropy has not only left an memorable mark on the corporate landscape but has also inspired countless individuals to strive for positive change and societal impact.
