MUMBAI: Cyrus Mistry, chairman of Tata group, has credited the “sustained startup environment” with playing an important role in bringing international and domestic investment, opening up new opportunities beyond tier I cities and enabling India to emerge as one of the fastest growing economies.In a communication to Tata Motors shareholders appearing in the annual report 2015-16, Mistry described the startup scene as a “positive sign” of a more mature and responsible economy.“There is a greater thoughtfulness towards investing in new or emerging companies, with a greater attention to the right business model.” Mistry spoke of continued global volatility across markets during fiscal 2016, saying the fall in oil prices and commodities had varied impact on different companies and countries.While the China slowdown continues to be an important global factor, news was more positive on India’s robust GDP.However, he had some words of caution too. Mistry said continued delay in some tax reforms continues to pose an “operational bottleneck” to streamlined movement of goods and services. Calling it one of the “key challenges,” he said, “The shadow of NPAs continues to haunt the Indian financial sector even as it is all set to grow, with new financial institutions.”Reflecting on Tata Motors’ performance, the group chairman termed the previous year “mixed,” but said it was a turnaround, backed by strong Jaguar Land Rover growth despite challenges and standalone entity returning to profits.Jaguar Land Rover will continue to invest in a sustainable, profitable growth strategy with a market defining product portfolio. The fiscal will mark a milestone year of growth and transformation for Tata Motors standalone business, said Mistry.The chairman is banking on Guenter Butschek , new MD for Tata Motors, to drive transformation. Butschek has hit the ground running with the new mission, vision and value statement within four months of his joining.In a separate letter, he outlined a goal of breaking into the top three global commercial vehicle makers and local passenger vehicle market by FY19. The significant part of the vision is to regain lost market share and create an agile and profitable business model.“There is a well-defined roadmap to achieve these with a deep focus on robust processes, cost efficiencies and people management to enhance productivity and align business goals across the company. These initiatives will help us build a faster, leaner, more agile organisation with focus on globally benchmarked design, technology and quality,” said Butschek.To achieve this objective, Butschek has identified eight pillars of transformation including enhancing Tata Motors’ brand perception, providing a unique and delightful customer experience, excellence in delivery of new products, delivering reliable and high quality products with focus on world-class quality processes, world-class manufacturing, agile and cost-effective supply chain, cost competitiveness and people processes and organisation structure. Under these eight pillars, the company has over a100 individual initiatives.Tata Motors’ commercial vehicle market share has dropped from 60% in FY12 to 46.4% at end of FY16. Commercial vehicles volumes have fallen from 5.3 lakh units in FY12 to 3.27 lakh units in FY16, whereas passenger vehicle sales has dropped from 3.33 lakh units to 1.27 lakh units at the end of FY16.