"India (may have) had many changes of government, but the outlook 'might not be as bad as you might think...I would have hope," said Ratan Tata to media.
Meanwhile, despite the optimistic approach, the tycoon showed concerns over deteriorating Indian values and ethics which is impacting the business culture as well.
"India was slowly deteriorating in the fabric of its values and ethics, especially in the business community," added Tata.
Talking about the improving ties between India and Australia, Tata said that both the ountries should work to strengthen the ties especially in high-technology areas adding that there were good reasons for the countries to "do much more together than they have done".
"Australia is a vibrant economy... There were areas of high technology where Australia was at the forefront and India could benefit from this... India seeks some of the technology that Australia produces," mentioned Tata.