Bengaluru - Former Tata Group Chairman Ratan Tata on Thursday hoped Prime Minister Narendra Modi succeeds in bringing investment to India as the nation needs a refreshment of new manufacturing companies which would be a real shot in the arm in terms of supply-chain and research.
"I hope Prime Minister Narendra Modi is successful in bringing companies to India because the country does need a refreshment of new manufacturing companies which will be a real shot in the arm in terms of supply-chain and research in India," he told reporters in response to a query on 'Make In India Slogan' here.
Tata further said people would come to India if it makes business sense for them, either in terms of cost or closeness to the market and raw material and fair prices.
"So the real test comes when they are making their due diligence to decide whether India is the place to invest, not just on the basis of Mr Modi's promise," he said.
Tata said government should step in and support startups at this point of time. But the question was how justifiably it would turn down or support these small ventures.
"At this point of time, the government does need to step in and support (the startups). The question is how they will support and how justifiably they may take decision on whom they support and whom they turn down," he said in response to a query.
Tata was here to attend Invest Karnataka Global Investors' Meet.
Tata believes that the government's support to startups is promising, which hasn't been spelt out totally as yet.
"It is a good thing for startups' industry. It is not going to provide all the answers, but it is going to provide some support which is worthwhile," he said.
Tata said there would be some failures and successes, but hopefully there would be less failures.
"I think we need to accept there will be some successes and some failure in anything we do. Hopefully we will have less failures," he said.
Tata said in India there was no venture capital community earlier like in the US and its presence now in the country is a good development.