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1. PEOPLE Jamsetji Tata The Visionary Entrepreneur Who Transformed Indian Industry and Society  BYMOHIT-KUMAR-SHARMA  MAR 02, 2023 15:54 

3. Jamsetji Tata was a visionary entrepreneur and philanthropist who laid the foundation for the Indian industrial revolution. He was born on March 3, 1839, in Navsari, a small town in Gujarat, India. He was the eldest son of Nusserwanji Tata, a businessman, and Jeevanbai Tata. Jamsetji had an unquenchable thirst for knowledge and started his education at the age of 14 at the Elphinstone College in Bombay (now Mumbai). Early Years in Business After completing his education, Jamsetji joined his father's business in Bombay. He soon realized that India was heavily dependent on imports for basic goods and services, which were expensive and of poor quality. This led him to believe that India needed its own manufacturing industry, and he set out to establish his own business. In 1868, Jamsetji started a trading company, which he called Tata & Sons, with a capital of only Rs. 21,000. The company started by importing cotton and exporting opium. However, the opium trade was banned in 1878, and the company had to look for other opportunities. Diversification and Expansion Jamsetji was not one to give up easily, and he saw the ban on opium as an opportunity to diversify his business. He entered the textile industry and established the Empress Mills in Nagpur, Maharashtra, in 1877. The mill was the first of its kind in India and was equipped with the latest machinery from England. It employed modern methods of production and was able to produce high-quality cloth at lower prices than imported cloth Jamsetji's success with the Empress Mills encouraged him to enter other industries, including steel, power, and hospitality. He established the Tata Iron and Steel Company (TISCO) in 1907, which was the first Indian-owned steel company. He also established the Indian Hotels Company Limited in 1902, which aimed to provide world-class hospitality services in India. Social Responsibility Jamsetji Tata was not just a successful businessman; he was also a philanthropist who believed in using his wealth for the betterment of society. He donated generously to educational institutions, hospitals, and other social causes.

4. In 1892, he established the JN Tata Endowment, which provided scholarships to Indian students who wished to study abroad. He also founded the Tata Institute of Fundamental Research (TIFR) in 1945, which is one of India's premier research institutes in science and mathematics. Jamsetji also believed in providing his employees with good working conditions and benefits. He established a pension fund for his employees in 1892, which was unheard of at the time. Legacy Jamsetji Tata passed away on May 19, 1904, at the age of 65. However, his legacy lived on through his sons, who continued to expand the Tata empire. Today, the Tata Group is one of the largest conglomerates in India and has a presence in over 100 countries. Jamsetji Tata's contribution to Indian industry and society cannot be overstated. He was a visionary who saw the potential for India to become an industrial powerhouse and worked tirelessly to make it a reality. His philanthropic efforts also had a profound impact on Indian society and continue to do so to this day ALSO READMake in India Transforming India into a Global Manufacturing - This Year Educate Yourself and Develop Your Skill with EasyShiksha Online Courses with Certificate - Authorised certificate recognized everywhere TAGS:JAMSETJI TATAINDIAN INDUSTRIAL REVOLUTIONENTREPRENEURSHIPPHILANTHROPYTATA GROUPTISCOINDIAN HOTELS COMPANYJN TATA ENDOWMENTTATA INSTITUTE OF FUNDAMENTAL RESEARCHHISTORYBUSINESSSOCIAL RESPONSIBILITYLEGACY.