If my strength is technology, financial structuring is my son's skill.

When I returned from the Massachusetts Institute of Technology in 1972, my father was running a forging business with a turnover of Rs 3.5 crore. But I had no patience and wanted to grow the business via exports.

I am able to compete not because my labour is cheap, but because I can use technology better than others.

India has the capability to create a fairly extensive defence manufacturing capability in many areas, and as a country and as an industry, we have matured in terms of technology and capability to make this happen.

So far, the general perception, including the perception in India, was that we are not capable of using high technology. They simply refused to believe an Indian can do it! I somehow was not ready to accept that this is not possible.

The emphasis on innovation and technology in our companies has resulted in a few of them establishing global benchmarks in product design and development, manufacturing practices and human resource capabilities. However, there is no room for complacency.