India Set to Become Global Manufacturing Hub: M&M CEO

India is projected to become a global manufacturing hub, aided by infrastructure development, its ill-aQued young population, pro-manufacturing government policies, and changing supply chains around the world.

This view was put forth by Mahindra Group CEO and MD Anish Shah in his statement made during the company's FY24 annual report, where he referenced how India's macroeconomic strengths have perfectly coincided with the global realignment of the manufacturing sector.

Shah noted that the group had a good financial year, with revenue increasing from Rs 1.39 lakh crore to Rs 1.59 lakh crore, and profit after tax increasing from Rs 10,700 crore to Rs 12,929 crore. The core verticals of automotive and farm equipment not only maintained market share but improved their profitability, a clear evidence of the Group’s ability to execute well in an atmosphere of competition.

Shah also indicated that the Group has moved ahead in understanding that they have to accelerate production, execution and performance, especially in terms of electric vehicles (EVs). Shah announced the launch of Born Electric SUVs, and mentioned that the company is now at the forefront of India’s EV transition. Strategic growth opportunities in other high-growth areas such as renewables, real estate (housing), logistics and last-mile mobility also provide more sustainable impact.

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"At 80 years, Mahindra remains deeply anchored in its values and steadfast in its commitment to performance, even amid global uncertainty. Our growth is propelled by the India story ... we operate in 70 per cent of the country's GDP and we are aligned with the opportunities this dynamic economy offers," Shah stated.