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.

We can reorient our products and business strategy because we are an agile organisation.

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

We passionately set up a programme that we call the Indian gun programme. I challenged Colonel Bhatia, who heads our defence business, that let's build an Indian gun. There's a belief that Indian companies aren't capable of this, and we want to prove them wrong, as we did in 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.

Our strategy should be based on indigenisation and import substitution. The government must provide opportunities for domestic companies to participate in sectors in which the country continues to depend on imports.