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Calling more Indian companies to dream to be in the Fortune 500 list, President A P J Abdul Kalam on Tuesday said righteousness in life and possessing an indomitable spirit are the two key ingredients to become a great corporate or a brand institution.
Speaking at the Golden Jubilee celebrations of the All India Management Association here, Kalam said there are five Indian companies in Fortune 500 list and it should be 'our' dream to increase the number of such institutions.
"We need to create brand institutions. In the Fortune 500 companies, 5 Indian companies are named while 15 are from China though we have similar kind of populations," Kalam said.
Kalam said brand institutions have five main components -- design capability, competitiveness in the contemporary market, organisational transformation of continual innovation, success or failure management and establishment of institutional ethical standards.
"We have a few brand institutions in the country in the government and private sector and many are aspiring to become one," he said.
The design and development capability of an institution or industry is the key to acquire competitive edge, he said, adding that Indian R&D team, business community and industries should recognise its importance.
In order to transform into a developed country, Kalam said a developing country like India has to market products in a competitive way by focussing on quality of products, cost effectiveness and supply in time.