You are on page 1of 17

ENGG 954 Strategic Management for Engineers

Assignment 1:Mini Project-Case Study

In the Driving Seat- Tatas recent strategic moves.

Submitted by

Adreen Alva
Student Id: 3495590
Masters in Engineering Practise (Double Major)
Autumn Session 2009

Synopsis:
This report aims to study the recent strategies adopted by the Tata group to overcome its
competitors and hold a strong position in the market. The study also includes an insight on the
capabilities of Tata and its potential in being a World Class Company delivering high quality
products and service. In the last decade, the Tata group has tightened its grips towards being a
global competitor by out-bidding several companies in some key acquisitions.
Mergers & Acquisitions is a very common strategies adopted by companies
nowadays. The reasons could range from sustainability, as in the airline industry to market
penetration as for most consumer goods companies. Companies want to grow bigger and
bigger. But seldom realise that bigger does not always mean better.
After the economic slowdown in the mid 1990s, Tata has bounced back to claim a
respectable stake and control in the Indian industry. They not only are self sufficient
financially but also have gained critical skills in Research & Development and customer
relations through the years. Tata is the biggest Conglomerate in India and the most favoured
among the shareholders.

Table of Contents

1.Tatas Brief History.


2.Current Indian Car Market.
3.Tatas Domestic activities.
4.Competitive Environment
4.1Strategic Direction of Tata Motors
4.2Tatas market strategies for competitive advantage
4.3Analysis of Tatas Strategic capabilities
4.4Stakeholders involved
4.5Tatas related diversification options
4.6Corporate social responsibility
5.Tatas recent global acquisitions.
5.1Tata Nano: Tata Motors sustains the competitive advantage
5.1.1Porters Analysis using Strategic clock
5.2Tata takes over the British Marques
5.2.1What went wrong for Ford and right for Tata.
5.2.2What caused Ford to let down the British Marques
5.2.3Organisation Structures
6.Strategic Options for Tata
6.1Ranking matrix for Tata Motors
6.2Strategic options evaluation for Tata: TOWS Matrix.
7.Conclusion.

1.Introduction to the Tata Group:


The Tata group of companies is Indias Largest business houses with around 98 different companies
in 7 prominent sectors with a net worth of $28.8 Billion USD. The company is active in the materials,
chemicals, energy, engineering, automotive, communications and IT, services and consumer goods
sectors. Steered by its Chairman Mr. Ratan Tata, the Tata group owns the world's largest integrated
tea operation. It is the world's sixth largest manufacturer brand of watches (Titan). In India, the
company is the country's largest private sector steel producer, the largest manufacturer of soda ash,
owns the largest private sector power utility and the largest 5-star chain of luxury hotels. Also
according to the OneSource global business database (2009), Tata is also the nation's largest steel
wire manufacturing company and 12th largest player in the international market (Tata SSL).
Tata Motors Limited, an SBU within the Tata Group, is an automobile manufacturer, primarily into
the passenger and heavy vehicle industry. The Company is engaged in the business of automobile
products consisting of all types of commercial and passenger vehicles, including financing of the
vehicles sold by the Company. The Company's operating segments consists of automotive operations
and other operations. Automotive operations business segment includes the design, manufacture,
assembly, sale and service of commercial and passenger vehicles, spare parts, components and
accessories, as well as financing its vehicles. Its other operations business segment includes
information technology (IT) services, construction equipment manufacturing, machine tools and
factory automation solutions, high-precision tooling and plastic and electronic components for certain
applications and investment business.(One-source Global Business,2009) Tata continues to live upto
to its Motto Leadership with Trust by its consistency in its performance in the industry.(Tata,2009)

Figure 1. Tata Groups Diversification

2. The Indian Auto Industry.


The Indian Auto Industry has been growing after the globalisation and free trade measures
taken by the Government. The industry comprises of automobile companies such as MarutiSuzuki, Honda, Toyota, GM, Hyundai, etc. competing fiercely for their share of the pie. India
being one of the fastest growing economies of the world has a rampantly growing auto
industry which is rated 5th in the world according to India Autos Report Q1 2009(BMI Ltd.,
2009). The forecast for the market value for Indian new cars is expected to rise from $28bn,
which is about 2.9% of Indias GDP, to $46.9 bn in the next 5 years. (Goldstien, 2007)
According to Business Monitor International (BMI,2009) Maruti-Suzuki dominates the
markets competitive landscape with a market share of over 51% in FY2007/2008.Tata
Motors heads both the light segment and the medium and heavy segments with shares of
over 60% in each.
The countrys economic and business environment has key roles to play in developing an upbeat market. Despite of its major dependency on oil imports and also a wide gap in the
nations rich and poor, below are listed positive aspects of the Indian auto industry extracted
from a conducted SWOT Analysis (BMI, 2009):
India has a huge domestic market hence rising demand is a major driver for the countrys
economic growth.
A vast supply of skilled and cheap labour.
Indias emerging middle class will continuously fuel the industry with the demand for goods
and services.
India secures high Foreign Direct Investments (FDIs) to the tune of almost US $23Bn.

Figure 2. Tata Group Classification (Goldstien, 2007)

Table1. Indian Auto Sector (BMI, 2009)

From the above data we can conclude that the two wheeler segment which has had all
the limelight so far will witness significant challenges from the passenger and
commercial vehicle segments in the years to come. The BMI forecasts predict two
wheeler sales to lose as much as 18% to its four wheeler counterparts wholl in turn
grow by almost 33% in the next 5 years. As more and more players get into the Indian
market, automobile prices will continue to remain competitive and in favour of the
consumer. The forecast in total production of automobiles in India portrays a
persistent growth making it more attractive for new entrants and innovation driven
competition.

Figure 3. New Car Market trend in India (DataMonitor,2009)

3. Tatas Domestic Activities:


Tata Motors is one of the India's largest automobile companies with revenues of $6,397.8 million in
fiscal year 2006-2007. It is the world's fifth largest medium and heavy commercial vehicle
manufacturer and second largest manufacturer of buses in the above eight-ton category. The
companys overall market share in the Indian four wheelers market increased to 27.7% for the fiscal
year 2007. The company is also the leader in commercial vehicles with a market share of 63.8% and
is the second largest player in the Indian passenger vehicles market with a share of
16.5%.(DataMonitor,2009)Table 1. Summarises Tatas Revenue-share based on its markets.

Total Revenue USD (mil)


Market
Outside India
Within India
Segment Total
Consolidated Total

12 months ending 31-Mar-2008

Revenue

Total Revenue
share

1,627.6
7,223.5
8,851.2
8,851.2

18.4 %
81.6 %
100.0 %
100.0 %

Table 2: Tatas domestic and international Revenues (OneSource Business Database, 2009)

Figure 4: Tata Motors growth figures(OneSource Database,2009)

From the above statistics in Fig.1 we can observe that Tata sales have been continuously on the
incline. The total assets have grown, actually catching up with its sales in the year 2008 after the
sealing of the history Tata-Jaguar deal.

Figure 5. India New Cars Market Share (DataMonitor,2009)

4. Competitive Environment:

Bajaj,Hyundai, GM,
Maruti-Suzuki

Cheaper Two Wheelers

Fig 6: Porters Five Force Model applied on Tata Motors.


Porters Five Force Analysis:
Threats from Potential Entrants: After the Tata Nano release, Bajaj and Renault have decided to
collaborate and supposedly come with an even cheaper car model. Fiat, Ford, Honda and Toyota
also have cheap models in the works. (Hagel and Brown, 2008) But still, it would take them a
while till they design, manufacture and launch their product, whereas Tata Nano will be expected to
have cruised pass through the markets with respectable sales and product developments. Also it will
be difficult for entrants to invest in capital and then have a very low profit margin. Hence Tata
certainly inherits the first mover advantage.
Bargaining Power of the Suppliers: Tata Motors has a well developed chain of component suppliers
for their product line. Also Tata has its subsidiaries being the core suppliers of raw materials which
proves that they are strong in backward integration. (Fig.8). But the rising Global prices of Steel and
Aluminium could impact the profit margins. Suppliers also sell their products to numerous auto
manufacturers, so they could have an upper hand. But Strong Brand name and reputation has helped
Tata maintain a good supply chain. (Data Monitor, 2009)
Threats from Substitutes: The closest substitutes for the Tata Nano can come from the motorbike
industry. Two wheelers have always been popular among the masses in India. But the Nano can
revolutionise transportation if it is successful. Bajaj Auto is the leading manufacturer in Three
Wheelers mainly used in public transport, which also could be seen as a threat to the Nano. The two
wheelers can subsequently drop their prices but the common man would rather save a little more and
go in for a car. Hence the threat from the substitutes also seems very bleak at the moment.
Bargaining Power of the Buyers: The Consumers have a big role to play in the success of any
Business. Tata has entered the Ultra Low Cost vehicle market with the Nano which was welcomed by
the consumers. The deal for the buyers is better than any bargain on existing models available in the
market. Thus Tata Motors decide to adopt a price based strategy by developing a unique cost
structure, operating with low margins, creating efficiency in its organisational capabilities, resulting in
a creation of a strong brand and having the upper hand in setting their product prices.
Rivalry among Firms: Years of consolidation have left relatively few players in the Indian auto
market, but high fixed costs, and low switching costs for end-users are among the factors intensifying
rivalry between them(Datamonitor,2009).Maruti-Suzuki Motors still leads the market share, but the
international brands like Hyundai, Chevrolet, Toyota etc. are also competing for a market share.

4.1

Strategic Direction of Tata Motors (Ansoffs Matrix)


Products
Existing

New

Market Penetration:
Increase car
production
Continuous Product
Developments
Eg. Indica V2
Deluxe,

Existing

New Product and


Services:
Tata Nano
Safari Dicor

Markets
Market
Development

New

Diversification

Thailand,
Vietnam, Africa,
Brazil

Luxury segment
Entry
Jaguar Land
Rover

Figure 7 Market Selection and Mode of entry for TATA Motors

4.2

Tatas Market Strategies for competitive Advantage:

Focusing on innovation: Tata launched the Safari Dicor model


with advanced electronic features to provide for an enhanced energy efficient and
power model.
Customer Safety: This has been the prime Focus for Tata in
delivering safer and reliable cars models thus gaining the trust of the consumers.
Comprehensive Repair and Servicing: Tata has been able to
provide a good after sales service to their customers thus maintaining good customer
relations Cost Reductions, finding new suppliers, rationalizing its supply base, and
running on-line markets led to significant savings and development of an effective
supply chain.

Analysis of Tatas Strategic Capabilities

Capabilities
Threshold
Capabilities

Capabilities for
competitive
advantage

Resources
Tangible: Cheap Labour, manufacturing
setups, Finances.
Strong Asset Base in India.
Intangible: Technical Skills, Good supply
chain, Investor support.
Tangible: Diversified product range,
Strong Brand name, reputation, Self owned
subsidiaries like Steel, Auto Comp. serve
as vendors.(Backward Integration)
Intangible: Collaboration with foreign
players and acquired multinational
companies.
Technically advanced products,
High customer satisfaction levels.

Competencies
Diversify into closely related
sectors and enter new markets.
Economies of scale and cost
efficiencies achieved in
business
Core Competency: Passenger
and utility vehicles.
Making Strategic Decisions.
Highly experienced Board of
Directors.
Ingenious aggregation of
Innovation and business.
Market expansion and
increasing sales.

Table 3 TATA Motors Capabilities (BMI, 2009)

4.3Stakeholders Involved
High
Power

Employees, Sub Contractors

Tata Board of Directors, Senior Management

Government, Industry Regulatory Body(CII)

Share Holders, Alliance Partners, Suppliers,


Press, Customers, Analysts

Low
Interest

Low

High

Table 4 Tatas Stakeholder mapping

4.4Tatas Related Diversification Options

Tata Auto Comp. Systems,


Tata Johnson Controls

Tata Steel

B.I.

Raw Materials
Supply

Component
Suppliers

JV with Brazilian
Coachbuilders and
Italian FIAT Co.

H.I.

Distribution
Network

F.I.

Tata Technologies

Machinery Manufacturing
& Factory Automation

Tata Daewoo Motors.

Tata Motors

Tata JLR Acquisition

Logistics

Marketing
Information

Service Centres

Figure 8. Tata Motors Diversification Options


Where, B.I.= Backward Integration, H.I.=Horizontal Integration, F.I.=Forward Integration

4.5

Corporate Social Responsibility (CSR)


True to the tradition of the Tata Group, Tata Motors is committed in Letter and Spirit to
Corporate Social Responsibility. It is a signatory to the United Nations Global Compact, and
is engaged in community and social initiatives on labour and environment standards in
compliance with the principles of the Global Compact. In accordance with this, it plays an
active role in community development, serving rural communities adjacent to its
manufacturing locations.(Tata Motors,2009)

5.Tatas Recent Global Acquisitions:


Since the opening of the Indian economy in 1991, Tata has been subject to global competition,
making it imperative for the group to become competitive in India against the new entrants. To gain
scale, reduce their exposure to the cyclicality of Indias economy, survive, and achieve a sustainable
competitive position in industries that are globalizing, most Tata companies then looked overseas.
Tatas recent experience is an excellent case for analyzing accelerated internationalization as a
Corporate Level Strategy (Matthews 2002 cited in Goldstien 2007)
Tata Tea went ahead to acquire UK owned Tetley in a 271m Buyout, the largest takeover of a foreign
company, which was double its size, by an Indian company.
Then early in 2007, the Anglo-Dutch firm, Corus was acquired for $11 Billion USD. This was the
biggest overseas acquisition by an Indian company, catapulting TATA to 5th largest Steel producers in
the world.
Bostons Ritz-Carlton Hotel for $170 Million in 2006. The Ritz-Carlton is one of New England's finest
hotels, and a premiere social address in Boston(tata,2009)
On the other hand, Tatas SBU, Tata Motors has also been engaged in some strategic alliances.
In 2004, Tata Motors acquired South Korean based Daewoo Commercial Vehicle Company for $102
mn. USD.
Assisted in Design by Pininfarina, farmed designers of Ferrari cars, Tata has come up with Tata Prima is
a luxury sedan set to compete against the Honda City and Fiats Linea in the Indian market.
(Kumar,2009)
Tata along with Miljo Greenland of Norway, also showcased the new Indica Vista EV ,powered by
Lithium Ion batteries, thus trying to enter the electric vehicle market. (Business Standard,2009)
Sources of Competitive Advantage: Low Cost
Automobile Manufacturing, Competent R&D
capabilities, Strong technical Asset base

Internationalisation Driver:
Globalising TATA Motors
products, Diversification

Tata Motors Internalisation


Strategy

Market Selection: Luxury and


Sports Car Segment, Heavy
Utility Vehicles

Bought 100% Stake Jaguar


Land -Rover from Ford in
2007,Daewoo Motors in 2006.

Fig 9: Tatas International Strategy Framework

5.1 Tata Nano: Tata Motors Sustains the competitive Advantage:


Cars have always been a sign of luxury and an aspiration for most middle class families in India.
Maruti Udyog Limited with the help of Suzuki Motors came a step close to bridging this gap by
launching the Suzuki Maruti 800 model in 1984 which sold at $4500.Since then it was Marutis model
all the way gaining favour in the Indian car market. Until the early 2000 when the economy started
picking and the middleclass in India had acquired the power to choose between products.
It was this trend in the rising middleclass status, a requirement of better value for money and a change
in the existing automobile market that prompted Tata to launch their Ultra-Low Cost car. Not only
India, but emerging markets like Thailand, Indonesia, and Vietnam were also a very bright prospect
for the brilliant piece of innovation in the car industry. (Fitzsimmons, 2008)
The Tata Nano design truly has emerged to become a symbol of ingenuity and frugality in the auto
Industry. The so called Peoples Car is not only meant for the Indian market but also is set to launch
in Latin America, Europe and Africa
Ford
Toyota

High

Lexus

Ferrari

Perceived Product
Benefits.

Low

Low

Product Price

High

Figure 10 Porter's Strategy Clock (Johnson et.al, 2007)

5.1.1
Porters Analysis using the Strategy Clock
With reference to the figure 7, we can conclude that Tata Motors intended to adopt the Hybrid
strategy for the Nano because it expected to deliver satisfactory product benefits at a low price to the
consumers. The advantages in doing so are as follows:
Economies of Scale for the Nano could be achieved. Hence the
move could be beneficial in growing markets.
Cost reductions outside differentiated activities, like extra features
in the car, were possible.
Already existing strong supply chain developed over the years by
Tata Motors.

The Nano is a perfect example of entry level strategy in the Ultra


Low Car market and thus Tata has the first mover advantage.
5.2 Tata Takes over the British Marques:
In 2008, TATA took another leap forward in its internationalisation strategy by acquiring Jaguar Land
Rover brands from Detroit based auto giant, Ford in a $2.3 Billion deal. It was an important landmark
in Tatas History indicating its transformation from a mid-size Indian conglomerate to a global player
in the auto industry. By acquiring the luxury brand, Tata has well earned a spot in the European
luxury car market. The deal ensured Tata gain100% rights on the production facilities, Intellectual
property and marketing operations of Jaguar Land Rover. Based in Coventry, UK, Jaguar Cars Ltd. is
one of the leading designers and manufactures of sports and luxury cars in the world (OneSource,
2009) .Founded as Swallow Side Car Company in Blackpool in 1922, Jaguar blossomed into one of
the worlds most iconic auto brands. Models such as XK120 in the 1940s and the venerable XKE of
the 1960s cemented the marquee in automotive allure (Pope, 2008)
Land Rover on the other hand, founded by Rover Car Company in 1945 was famous for its rugged
terrain or off-road 4 wheel drive vehicles. Ford took-over Jaguar in 1990 and Land Rover in 2000.

5.2.1

What went wrong for Ford and right for TATA?

Figure 11 Comparison between Ford and Tata's 5 yr. Performance (DataMonitor,2009)

From the Figures, it is evident that Fords was undergoing a rough time in the markets when its
worldwide sales profit margins plummeted by around 8% in the year 2006. At the same time Tatas
net income was steadily growing and had a marginal drop in its profits margins. Ford, on the other
hand, even though it seemed to have recovered a bit in 2007 by a staggering amount, still was finding
it difficult to manage the luxury brands and trying to make a mark in the luxury car segment.

5.2.2

So what caused Ford to let down the British Marques?

Ford tried to market the luxury Brand under the same rules as
marketing its mass selling models, consequently diluting the brands appeal. For example, in
2001 Ford launched the Jaguar X-Type along with the Ford Mondeo. The baby Jag, as they
called it, released with the Ford model, struggled to find its niche and eventually was pulled
off the US markets.(wardsautoworld,2008)
Ford Tried to increase volumes of the luxury brand rather than
maintaining its exclusivity to manufacturing sports cars and sedans.(Pope,2008)
Ford probably tried to hard at horizontal integration but somehow
couldnt manage the luxury brand later admitting that it needed to focus more on its core
products.(Hofman,2008)
With a quarter to half of Jaguars sales coming from the US, the
weakening dollar had a significant impact on the car sales. Despite this fact, Ford did not even
switch part of Jaguars production across the Atlantic.

In 2006, Ford lost close to $12.6 Billion thus losing out in


competitive rivalry with the Japanese car makers, due to its high fixed costs.

Jaguars dismal performance in the Formula circuit has painted


itself a very poor image, potentially damaging its brand. Jaguar is supposed to be more of
prestige than performance(John Sanders,2008)
Jaguar was known for its vintage looks and performance.
However, Ford completely misunderstood the European car market. It didnt spot the need of
introducing diesel engines
in its jaguar models, especially in the X-Type which turned out to be just a spruced up replica
of the Mondeo. (Jeff Randall, 2009)

Figure 12: Jaguar's sales performance (OneSource, 2009)

The figure illustrates Jaguars Decline during the time of its management under Ford. Seeing an
opportunity, Tata cashed in on the proposition of the sale of the luxury car brands and thus acquired it
from Ford in 2007.

5.2.3

Organisation Structures

Ford follows a traditional and bureaucratic structure with the CEO dictating most of the decision
making. When Allan Mullaly took over as CEO of Ford in 2006, he quickly decided to get rid of the
loss masking assets like the luxury car brands. This shows his authoritarian style of leadership.
Tata on the other hand, is more of partipative style. The Tata organisation structure is of federal type
with two main bodies: Group Executive Office(G.E.O) which monitors the current strategies being
implemented along with the functioning issues of the group companies making the group more
synergistic while the Group Corporate Centre(G.C.C) deals with the growth and new entry strategies
of the group companies.

6. Strategic Options for Tata Motors:


6.1

Ranking Matrix for Tata Motors:


Strategy

Acceptability
( /10)
2
7
7

Do Nothing
Diversify in local market
Collaborate with foreign
players
Organic Development
6
(Product Innovations )
Internationalise(Acquisitions) 9

Feasibility
( /10)
9
8
7

Suitability
( /10)
3
5
7

Final
Score
14
20
21

19

26

Table 5: Strategic choice evaluation for Tata Motors.


From the evaluations, it is clear that Internationalisation and collaboration are the best options
for Tata Motors for the following reasons:

Tata Motors has established its domestic market share, shows


positive steady growth.

Tata Motors also has a comprehensive widespread manufacturing


asset base.

Cost Synergies can be achieved due to low manufacturing costs in


India.

Global markets can be easily accessed. Tatas substantial cash


reserves could well add to their competitive advantage. Also, they have a strong
investor confidence in India.
6.2

Opportunities

Threats

Strategic Options for Tata: TOWS Matrix (Datamonitor,2009)


Strengths
Tap New markets with
improved existing products,
Invest in R&D for fuel efficient
and eco friendly vehicles.
Alliances with foreign
companies can help Tatas if
Diesel Autos sales in India
show signs of decline.

Weaknesses
Increasing market penetration in
India as safe guard against
declining cash flows. New
markets and diversification is
possible through joint ventures.
Rising raw material prices could
be tackled by backward vertical
integration.

Table 6: Strategic options for Tata Motors.(


Conclusion:
Tata Motors has proven excellence over the years through its technologically advanced
products, market expansion, customer satisfaction and increasing sales. Tata Motors consistently
strives to increase shareholder value, build stronger customer relations and work with its business
partners to provide the best value for money. The company is also involved in accelerating the
countrys economic growth and protecting the environment.

With the initial financial backing of the giant parent company, Tata Group, the division has built a
strong business over the past 60 years and continues to show strong financial results. The continual
improvement and introduction of new products in the market have allowed it to successfully enter as
well as dominate the automobile industry in India. With increasing sales, employees, product
offerings, manufacturing facilities and distribution centres along with expansion outside India, the
company seems to have a promising future.(Humad,2005)

References:
1)Tata Sons, OneSource Global business database, accessed 15/03/2009,
http://globalbb.onesource.com.ezproxy.uow.edu.au/web/Reports/ReportMain.aspx?ftrId=UNIFIE
DOVERVIEW&Process=CP&KeyID=48608568&Expand=BusDesc#BusDesc48608568
2)www.tata.com,accessed on 24/03/2009,http://www.tata.com/htm/heritage/HeritageOption1.html.
3)BMI Ltd.,2009,India Autos Report Q1,2009 ISSN: 1748-9946, Business Monitor International
(BMI),(http://www.businessmonitor.com)
4)Data Monitor 2008,New Cars in India, Industry Profile Reference Code:0102-0358,Pg.12
5) Goldstein Andrea (2007),The Internationalization of Indian Companies: The Case of Tata,CSAI
Working Paper Series, Number 08-02,Centre of Advanced Study of India, University of
Pennsylvania.
6) Kumar,Bijoy (2009),Nano goes to Europe, Tata hires Ferraris designers ; Geneva Motor Show,
Business Standard,2009
7) Fitzsimmons, Ella(2008),Tata Nano Heralds new era for Asian car Brands, Media Asia,
Live Issue, Analysis 4,Pg 20..
8) Johnson et.al(2007),Exploring Corporate Strategy Seventh Edition, Prentice Hall.
9) Pope Byron(2008),Jaguar Learns from Past While Looking to Future,www.wardsauto.com,
accessed 12/04/2009
10) Sanders, John(2008),DIAGNOSIS 1 - JOHN SANDERS, DIRECTOR, MCCANN-ERICKSON
Source: Financial Times Information Limited http://forums.mg-rover.org/archive/index.php/t47486.html
11) Randall Jeff(2009),Wanted: Rich owner for old Jaguar,
http://www.telegraph.co.uk/comment/personal-view/3640642/Wan
12) Hagel and Brown,(2008),No lakh of daring. Economist, 00130613, 1/12/2008, Vol. 386, Issue
8562, source: Business Source Premier, accessed 29/03/2009
13) Hoffman Bryce,2008,Ford Unloads Jaguar, Land-Rover to Tata, The Detroit News,
http://www.detnews.com/apps/pbcs.dll/article?AID=/20080327/AUTO01/803270393,
Accessed 15/04/2009.
14) Humad Aditya,(2005),Tata Motors: Market Buster, Industry Analysis, The Economic Times of
India,June,2005.