In the U.S., we didn't have scale, and without scale, it's difficult to operate.

The period from 2002 to 2007 was probably our best period. We created a strategy to build global scale, footprints in each of the geographies and dramatically built our international business.

The year 2013 has been very difficult, with a lot of headwinds in almost every region and every business.

You cannot make an aircraft without forged components.

From an operational perspective, exports challenge companies to design, develop, manufacture and supply products to discerning customers in global markets. This, in turn, motivates companies to scale up the value chain, which results in higher realisations.

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.