Industry body Ficci on Thursday mourned the demise of industry veteran Ratan Tata, describing him as a "role model who inspired generations of entrepreneurs and corporate leaders with his vision of ethical capitalism".

Ficci President Anish Shah said, "Ficci remembers Ratan Tata not just as a successful businessman but as a role model who embodied the values of integrity, humility, and social responsibility."

"His vision of ethical capitalism and his efforts to use business as a force for societal good have inspired generations of entrepreneurs and corporate leaders," Shah said.

The loss of Mr Tata leaves a void in the Indian business community that will be hard to fill, the industry body said, adding Ficci extends its deepest condolences to his bereaved family and friends.