Tata Group chairman Ratan Tata said on Thursday that he felt that India was on the way to recover from the economic slowdown, though it may take more time for the US and UK to achieve the same. ‘‘I think in India we are in a recovery phase. Europe and US will take longer,'' Ratan Tata told reporters here. ‘‘I think the good news is that by and large the free fall is no longer there,'' he stressed. Tata was in the hill station to attend the Silver Jubilee celebrations of the High Range School run by the group. Asked if the group was thinking of austerity measures, he said, ‘‘just before the meltdown took place, I wrote to all our employees saying I felt the environment is very dull, that the demand might go down. We advocated that company should cut its costs.'' Tata said the executives did give up their bonus and travelled business class when the crisis was at its peak. On his future plans, Tata said, ‘‘we are looking at a variety of new products to cater to the lower end of the pyramid where many manufacturers are not looking. Low cost housing is one.”Nitika
PGDM-3rd sem
sec-B
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