Mumbai: Pointing to China’s rebalancing of its economy and recovery signals in the US economy, Tata Group chairman Cyrus Mistry on Thursday stressed on the need to be nimble-footed in a fast changing environment and identify opportunities with a sense of urgency.
“The major impact of China’s rebalancing of its economy is being felt in many countries. While trade flows have been distorted as a result of China’s transition, within China itself the shift to domestic consumption can open new horizons for our companies. Tata companies are adapting to the situation decisively and with empathy,” Mistry said in his New Year letter to employees, he said.
Observing that the recovery of the US economy signalled new opportunities, Mistry said the year ahead will both “test the group’s resilience and also present new paths to expand and seed new businesses”.
“To enhance and secure leadership in such an environment, we will have to become ever more agile both at a strategic and an organisational level,” he said.
Mistry stressed on the need for the Tata companies to stay on top of emerging business technologies, particularly in the digital space, to continuously seize business opportunities.
He also called for close networking between departments and verticals and overcome barriers between them.
He also focused on the issue of environment conservation and sustainability.
“We need to support the actions committed to in Paris by governments across the world by making our operations and offerings more environment-friendly, and by encouraging sustainable consumption within communities we serve,” he said.
“We have to work even more intensively to develop a deep understanding of the needs of the customers and the communities we serve. Only then will we deliver pioneering products and services and delight our customers and communities with the experience we offer them,” Mistry added.