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He argued that early cuts gave greater scope for growth in future years.
Thanks to India's vast population, there is scope for growth in print media for years to come.
Young people on the other hand will not only become proportionately fewer; they are mostly multiplex regulars already, so they offer little scope for growth in the market.
There is also vast scope for growth in India, where penetration is just 1% but mobile phones are at last taking off.
Pointing out that the company does not have the same market penetration in the United States as in Europe, he added, "There is still plenty of scope for growth in the brand".
"I see plenty of scope for growth in developing countries and plenty of opportunities for consolidation in developed countries," he beams in his office overlooking London's Berkeley Square.Success in one developing country led Mr Mittal to opportunities on the other side of the world.
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He said Dr Martens had "significant scope for growth" via new stores and its website, through which sales rose 35% to nearly £44m in the past year.
It has considerable scope for growth, particularly in lending: total loans in Brazil are 28% of GDP, compared with 63% in Chile.
Yandex's bigger business impetus here is clear: the company is the biggest search engine in Russia and surrounding countries, but that holds limited scope for growth, especially in a wider global search market that has been cornered by Google.
But it is a far bigger market than telecoms equipment, and Huawei, since it has such a small share of it, has enormous scope for growth.In an attempt to keep the company nimble, Huawei recently introduced a system in which three of its bosses take turns, six months at a time, at being the chief executive.
Since some 74% of Vietnam's 84m inhabitants still live in the countryside, and most of those remain rice farmers, there is plenty more scope for growth.In this section Changing gear Tigers and a hawk Caste out Three into two The case against summits Cloudburst of ghoul-slayers ReprintsThis virtuous cycle seems unstoppable.
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