Renowned industrialist Ratan Tata was honored with the inaugural ‘Udyog Ratna’ award, a prestigious recognition established by the Maharashtra government. The award was presented to Ratan Tata, who is the 85-year-old Chairman Emeritus of Tata Sons, at his residence in Colaba, south Mumbai.
The award ceremony took place in the presence of Chief Minister Eknath Shinde, along with Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar. The accolade included a shawl, a citation, and a memento presented by the Maharashtra Industrial Development Corporation (MIDC).
Ratan Tata’s contributions, as well as those of the Tata Group, have been instrumental to India’s growth. Their impact spans across various sectors, ranging from steel to salt, and their global presence extends to more than 100 countries on six continents. Notably, in the fiscal year 2021-22, the combined revenue of Tata companies reached an impressive $128 billion.
The Udyog Ratna award was introduced by the Maharashtra government this year to recognize outstanding achievements in the industrial sector. Ratan Tata became the inaugural recipient of this prestigious award, reflecting his substantial contributions to the business landscape.
Unfortunately, due to his health condition, Ratan Tata could not attend the official award ceremony scheduled for Sunday. Thus, the recognition was conferred upon him at his residence on Saturday.
This recognition comes as India prepares to showcase its economic growth accomplishments to global CEOs participating in the upcoming three-day B20 summit, commencing on August 25. Prime Minister Narendra Modi is anticipated to engage with these international business leaders during the B20 Summit’s concluding session on August 27. The Business 20 (B20) acts as the formal dialogue platform of the G20 involving the global business community. Originating in 2010, the B20 is a prominent engagement group within the G20 framework, drawing the participation of companies and business organizations.
Each year, the G20 Presidency appoints a B20 Chair, usually a prominent business leader from the host nation of the G20 summit. This Chair collaborates with a B20 Sherpa and the B20 secretariat. For the B20 India, the role of Chair is held by N Chandrasekaran, the Chairman of Tata Sons, highlighting the influential role that the Tata Group plays within the Indian business ecosystem.