Shift Mindset, Revive Animal Spirits, Every Challenge Is An Opportunity, Ministers Tell India Inc At ET Awards
As nations fret over the economic fallout of Donald Trump’s tariff tactics, India’s policymakers urged business leaders to seize the moment, promising “ten steps of support for every one taken”, putting national interests forward.
“Every challenge — whether it’s geo-economic fragmentation, tariff wars, deflationary trends, or declining global demand — presents an opportunity. This mindset is something we draw from the Prime Minister, who often says that every challenge contains multiple opportunities,” said finance minister Nirmala Sitharaman, in a fireside chat at the ET Awards on Saturday. She added that a Viksit Bharat would need enhanced trade and exports.
She highlighted the shift from protection to pragmatism, stating, “We must guard against dumping, while ensuring that Indian manufacturers — especially small and medium enterprises — get access to affordable inputs. The key is to strike a balance: Allow cheaper inputs without becoming a victim of dumping.” She also comforted industry by promising a reduction in GST.
Sitharaman’s colleague, railways, IT and I&B minister Ashwini Vaishnaw said geopolitical shifts would ultimately strengthen India. Both ministers pushed to revive animal spirits, with Vaishnaw urging industry to invest in 25-30 key products. “If you take one step forward, govt is there to take 10 steps with you,” he said.
Calling for a shift in mindset, Sitharaman asked industry leaders, “Are you living today, or are you living in the 60s and 70s?” She said that while some may doubt govt’s growth figures, global agencies affirm India is the fastest-growing economy, with every sector expanding. She added that just as sentiment drives markets, it shapes the economy, warning that “the youth will put us through the grind, if we continue with all the naysaying in spite of all the achievements”.
Echoing her sentiments, Aditya Birla Group chairman Kumar Mangalam Birla, a third-time ET Award winner, said: “From the perspective of leading a conglomerate across 40 countries, I’d say there are two regions that we consider permanent bets: India and North America. India’s story remains strong. Many of the challenges we face are shared by other large economies, but the way to compete globally is by investing, not waiting.”
The 25th ET Awards reflected India’s evolving journey — from 90s optimism to global ambitions, post-crisis resilience, start-up exuberance, and now a more mature phase — focusing less on numbers and more on national interest and doing good.
Kumar Mangalam captured the essence, quoting his late great grandfather GD Birla, “How does one judge a company? Does the criteria depend solely on profitability, market share, and product ratings? Or, is there something deeper, more human? We believe what truly matters is how much the company cares, how socially involved it is, and how much it improves the quality of life for the people around it.”
Noel Tata, chairman, Tata Trusts, known for his reserved public presence throughout his 40-year tenure with the Tata Group, made a rare public statement at the ET Awards, delivering a four minute speech about late Ratan Tata, while accepting the Jewel of India award.
This marked his first public remarks on Ratan Tata after taking charge of Tata Trusts in Oct 2024 and his first joint public appearance with Tata Sons chairman N Chandrasekaran to pay tributes to Ratan Tata. Noel Tata said while Ratan Tata’s achievements in business made him famous, there was so much more to him. “His vision for Tata Trusts expanded its philanthropic efforts, and in his personal capacity, he was always willing to help those in need. Empathy came naturally to him, and this was evident in the many lives he touched.”
Chandrasekaran chose not to dwell on numbers, while speaking about Ratan Tata. “Since this is an Eco nomic Times award, one might expect a speech about financial achievements — revenues, market capitalisation, profits. But knowing him closely, I can say those numbers never mattered to him as much,” said Chandrasekaran. The chief of Tata Group recounted an incident during 2017 renovation of iconic Bombay House, when Ratan Tata’s primary concern was where the dogs, sheltered there, would go.
Often likened to the Oscars of business, the ET Awards took a more mature turn this year, highlighting the unseen side of businessmen—especially through the women in their lives—coinciding with International Women’s Day.
Categories and winners
Vishakha Mulye, CEO of Aditya Birla Capital and winner of Businesswoman of the Year award, highlighted how the stars have to be fully aligned for one half of the country’s population to succeed. “There’s a famous saying that behind every successful man, there is a woman. But, for women to succeed, many things need to fall into place — from the families they are born into, families they marry into, institutions they work with, and ecosystems they operate in. I consider myself fortunate that all these factors aligned for me”. She spoke of how many women executives at ICICI were a source of support, while facing challenges in balancing personal life and career.
Personal tributes replaced conventional introductions. Mallika Srinivasan, CEO of Tafe, reflected on her husband, Ve nu Srinivasan, chairman emeritus, TVS Motor. Ananya Birla, founder of Svatantra Microfin, spoke of her father, Kumar Mangalam Birla, whose delight at winning a third ET Award prompted the family to clear their schedules. Nidhi Bansal highlighted Lenskart co-founder Peyush Bansal’s commitment to family, teamwork, and social impact. Malika Noor Mehta, niece of Fareed Zakaria, offered a portrait of her uncle as a man of rare intellect and generosity, adept at distilling complexity into clarity.