In a commentary written for a publication of global consultancy McKinsey, Tata also said it is really important for companies to survive over the longer term and besides the ability to innovate, an attachment to good values also drives corporate longevity.
"One of the big dangers for any business is complacency; the challenge for leaders is how to keep injecting urgency. I think much depends on how good a CEO is at motivating his or her team and generating the sort of excitement that leads people to do things in different ways," Tata said while
cautioning "that doesn't mean taking cavalier risks".
The commentary has been published in the 50th anniversary edition of the McKinsey Quarterly publication.
Ratan Tata served as the Chairman of Tata Sons, the group's holding company, for over two decades beginning 1991. He retired from the post on December 28, 2012 and now serves as Chairman Emeritus.
"One hundred years from now, of course, I expect Tata to be much bigger and more global than it is now. More important, I hope the group comes to be regarded as India's best best in the way we operate, best in the products we deliver, and best in our value system and ethics," Tata said.
Founded by Jamsetji Tata in 1868, Tata group comprises over 100 operating companies, with operations in more than 100 countries across six continents. The group entities export products and services to over 150 countries.
On values, Tata said "It's something we have had throughout Tata's history and on which we never compromise. Values are in our DNA, and they have carried us into new markets, helped us redistribute our assets, and, ultimately, made us a successful global company".
Tata group entities are often featured in Fortune Magazine's most admired companies lists. UK-based Brand Finance has valued the Tata brand at USD 21.1 billion and ranked it 34th among the top 500 most valuable global brands in their global list for 2014.
"I hate to see major corporations disappearing from the scene because someone has cashed out, because the managers have been unable to escape their comfort zones, or because boards have not been sufficiently nimble to change with the times," Tata wrote.