YC Deveshwar, one of India’s longest-serving corporate chiefs with over two decades at the helm as the executive chairman and CEO at ITC, was instrumental in coming up with strategic ideas which placed ITC among the value-creating organizations of India.

During Deveshwar's term at ITC, the business world witnessed the transformation of ITC from a Rs 5,000 crore company to a Rs 27,000 crore company. ITC's profits grew from Rs 260 crore to Rs 4,000 crore.

Here are some business lessons shared by the man, who built ITC into a diversified business conglomerate, at the Young Turks Conclave 2012.

On making Indian brands to global

To improve the Indian economy, companies/entrepreneurs need to focus on business wherein, either you “export more” or “substitute imports”

On the dominance of foreign brands in the Indian market

On every purchase of a burger, aerated drink, chocolate, phone etc, we are paying a royalty which goes out of our country. If we don’t produce strong Indian brands, then we will become Royalty Paying Nation.

On building own brand

India should build its own powerhouse of Indian Brands. Firstly win Indian Market and then explore other countries.

On tomorrow's business

Tomorrow’s consumer would demand a value proposition that you have for society at large.