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If his exit from Tata Sons was a mystery, Cyrus Mistry’s untimely death in a road accident in Maharashtra on September 4 is a tragedy of unimaginable magnitude. Fifty-four is no age to go in today’s world. While the loss for his family is irredeemable, he was also a rising star snatched away from the firmament of the emerging new India.

The Shapoorji-Pallonjis were no ordinary business family. Apart from being the silent and invisible force behind the House of Tatas, they were a major player in India’s construction sector for decades — cutting across housing, industry, and infrastructure. Barring Larsen & Toubro, following its Indianisation, the Shapoorjis were one of the most trusted names among the domestic private sector construction firms. They were in it for the long haul unlike many short-term wonders who came and disappeared after bleeding banks and creditors dry.

The group had weathered many storms in the economy. It had the resilience and commitment to take the smooth and the rough patches in its stride. This is a sensibility that Cyrus Mistry inherited from the older generations of the Pallonji family, apart from impeccable genteel upbringing, and the best of education. It put him in the league of enlightened business leaders with a global outlook, but strong local moorings — precisely what we need for the next leg of the ‘India Growth Story’.

This is not the time and place to dwell upon the controversy surrounding Mistry’s short stint at Tata Sons. It is best put behind as an internal squabble which will now go to rest with him. But that does not diminish the promise he displayed and attributes he embodied that is so essential for shaping the future of India’s economic climate. This included above all grace, dignity, and integrity of character that are so essential to earn the respect of the global financial and industrial community. Many of these qualities were on frontal display during his tenure in Tatas in the hard calls he was willing to take on many of the group’s investment decisions and collaborations that did not pass the smell test. Some of these reviews may have contributed to his nemesis at Tata Sons. Though affronted he never gave the impression of regretting his position on the matter.

Mistry broke out of the comfort zone of a family-owned business to a professionally managed organisation like the Tatas. It would have also involved a willingness and ability to learn about diverse businesses ranging from aviation and automobiles to telecom and tea. Making the transition must have been daunting. One does not know the circumstances of his selection after mounting a global search. In hindsight, Tata Sons may not have been all that professional after all as evident from the choice of N Chandrasekaran, a confidante of Ratan Tata, as his successor.

Another trait of Mistry that stands out is the premium he placed on merit. This was evident from the talent pool he gathered at Tata Sons with some of the finest minds in different disciplines from around the world. Almost all of these hires were global thought leaders of Indian origin, rather than foreign experts. This was in keeping with the ethos that had been at the core of both the Tatas and Pallonjis of combining the best of all the worlds. However, not everyone is able to strike the right balance.

That does not mean Mistry was the epitome of success. To be fair, he was at best a 'work in progress'. At one level he may remind us of a Shakespearean ‘tragic hero’ though his end came by the sleight of the divine hand rather than his own undoing. Next generation of business family scions should learn from his example to carve their own path for building on the legacy they have inherited, and to create enduring world-class institutions.

India's dominant services industry grew faster than expected in August thanks to a solid expansion in demand and a continued easing in cost pressures, encouraging firms to hire at the quickest pace in more than 14 years, a private survey showed.

Driven by strong growth in services and manufacturing activity, Asia's third-largest economy expanded at its fastest annual pace in a year during the April-to-June quarter.

However, that momentum is unlikely to be sustained over the coming quarters as higher interest rates, elevated price pressures, and growing concerns about a global recession pose significant risks to the economy.

Still, the S&P Global India Services Purchasing Managers' Index rose to 57.2 in August from 55.5 in July, surpassing the 55.0 estimate in a Reuters poll. It remained above the 50-mark separating growth from contraction for a 13th straight month.

"The pick-up in growth stemmed from a rebound in new business gains as firms continued to

benefit from the lifting of COVID-19 restrictions and ongoing marketing efforts," noted Pollyanna De Lima, economics associate director at S&P Global.

"Finance and insurance was the brightest area of the service economy in August, leading with regards to growth of sales and output."

While that encouraged firms to raise headcount at the fastest pace since June 2008, signs of demand remaining resilient boosted business confidence to its highest in over four years.

But overseas orders contracted for a 30th consecutive month on persistent weakness in global demand.

Input prices, albeit elevated, increased at their slowest pace in nearly a year in August. Persistent strength in demand allowed firms to transfer some of their high-cost pressures onto their customers.

Although overall inflation is widely expected to slow over the coming months, it is unlikely to decline to within the Reserve Bank of India's medium-term target range of 2%-6% anytime soon.

That means the RBI, which has already raised its key repo rate by 140 basis points since May, is expected to continue with its rate hikes.

Faster expansion in services activity and strong manufacturing growth boosted the composite index to 58.2 in August from 56.6 in July.