He also said that he has no plans of taking the political plunge.
Ratan Tata said on April 4 that not all the policies that had been promised towards making a new India were delivered.
The former Chairman of Tata Sons said: "A new India was promised to us. We were promised forward looking policies, but not all of the promised polices were implemented. Whether there was adequate time or capital is a different thing. However, what my view is that we need to unite ourselves to deal with the new India that is promised to us."
Tata also said that, before beginning a partnership with another company or a businessman, one should think about whether they could make that business successful. One should also know when to give up if the business is in trouble.
He acknowledged that the Tatas have been accused in the past of holding on to an (unprofitable) business for much too long, and that it was mainly to do one's best to make the company better rather than give up on it.
"Deep down inside it is difficult to give up the enterprise, and the people you have worked with," he said.
When asked about which industry has the most potential for growth, he said tourism industry has not been fully tapped. He also said that has no intention of joining politics.
Answering a specific question on qualities he looks while choosing a candidate to run one of the companies, Tata said, initially, there is a scope for generating admiration for someone, but one gets to know the individual only after working with the person."...it takes a long time for you to really know the person you are working with," Tata said, speaking at the Hotel Investment Conference South Asia.
Among the over 100 companies in the group, Tata picked up the automobile business as his favourite.
"When I was the chairman of the group, I think there was a disproportionate amount of time that I expended in the automobile business because it was at that time the most exciting thing we were doing in terms of trying to indigenise the product that we would use for transport," he said.
Tata added that he has been a pilot all his life and still has a "great deal of interest in aviation".
Giving a peek into the businesses he admires, Tata said speaker company Bose was initially a favourite, but the affinities shifted to tech giants Apple and Google now.(With inputs from PTI.)Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.