Gautam Adani speaks on the first lesson of his business life
Mumbai: Adani Group Chairman Gautam Adani addresses students at a special Teacher's Day event and says, "Just as I was turning 19, I was called back by my elder brother to assist in running our small-scale PVC fill factory situated near Ahmedabad. The business faced many challenges, primarily due to extreme government control and restrictive import policies, which led to severe shortages of raw materials. This was my first real encounter with the limitations of the business environment in India. Yet, it was also an early lesson that laid the groundwork for the next set of businesses I would go on to start..."
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00:00Just as I was turning 19, I was called back by my elder brother to assist in running our
00:09small-scale PVC fill factory situated near Ahmedabad.
00:17The business was faced with many challenges, primarily due to extreme government control
00:26and restrictive import policies leading to severe shortages of raw materials.
00:33This was my first real encounter with the limitations of the business environment in
00:39India.
00:40Yet, it was also an early lesson that laid the ground for the next set of business I
00:52was to start on.
00:55The mid-1980s marked the beginning of transformation in India.
01:03In 1985, under the leadership of S. Rajiv Gandhi, the country took its first steps towards
01:12economic liberalization.
01:15The easing of import policies opened up new possibilities for businesses.
01:23Having run our PVC factory, I understood the pains of the small-scale import sectors and
01:32therefore despite having no prior experience in trading, I saw an opportunity in this environment
01:41of a new policy.
01:45I took a leap and established a trading organization for importing polymers to supply to the struggling
01:54small-scale industries.
01:58By the time I turned 23, my trading venture was doing well.
02:06Then came 1991, when India faced a severe foreign exchange crisis that brought the country
02:16to the brink of economic collapse.
02:20It was during this crisis that S. P. V. Narasimha Rao, the then Prime Minister, and Dr. Manmohan
02:28Singh, the then Finance Minister, outlined a series of bold economic reforms.
02:35These reforms included reducing of import tariffs, deregulating industries, opening
02:45up the economy to foreign investments, and encouraging public-private partnership in
02:52infrastructure development.
02:56Every nation has its transformative years that change the direction of its future.
03:061947 was about a free India.
03:111991 was about liberalization of our businesses.