BREAKING NEWS| Ratan Tata, who will resume working with startups from February 23 after handing over the reins of Tata Sons to N Chandrasekaran, has called for India to remain an open market but with more with regulatory intervention to curb unfair competition.
“The regulators need to focus on areas where there is unfair competition, which is done to kill the newer startups but ensure that there is enough latitude and enough of a playing field that everyone has a chance,” said Tata responding to a query on protectionism and capital dumping at a startup event organised by Kalaari Capital.
Tata, who is an advisor to Kalaari, has invested in over 20 startups including firms such as Urban Ladder, Ola, Madrat Games, Nestaway and Snapdeal. Since October, when the Tata Sons board sacked Cyrus Mistry as chairman, Tata had temporarily his involvement with startups and instead focused on finding a new head of the software to salt conglomerate.
Chandrasekaran, CEO of TCS will take over as the Tata Sons chairman on February 21.
Kalaari’s founder Vani Kola, who was interviewing Tata on Tuesday, along with the founders of India’s two most successful startups Flipkart and Ola have called for protection against so-called “capital dumping” by global rivals such as Amazon and Uber, who have committed to invest billions of dollars in India.