India can be a credible supply chain partner: Anand Mahindra

Mahindra Group chairman, Anand Mahindra said, “Unshackling from China is a good development for India and other nations.

The country stands to gain with the latest geopolitical alignment, especially with high-tech defence, EVs, and even solar, as sunrise sectors will boost domestic employment and manufacturing.” He was addressing shareholders virtually at the company’s 76^th AGM.

“China’s loss is India’s Gain,” he added even as he emphasised the fact that’s it is time for corporates the world over start to look beyond the dragon as China+1, to minus China and plus India for credible supply chain options.

“We can be the balance against China. India can be the new player in the supply chain. The situation is rife with opportunities but we have to seize the day. The geopolitical  tensions are such that high-tech defence will become a sunrise industry and add to jobs and fire up the MSMEs and the startup ecosystem in the country,” he said.

For India 900-million-strong workforce, there's a lot more to do. “We need more jobs to be created not just at the bottom of the pyramid such as riders who deliver for online food ordering services but the crème-la-da-crème of India’s engineering, space and automobile talent pool that will benefit from global forces turning to India for their manufacturing and other allied IT services,” he added.

The chairman also said that that if there are opportunities in electric vehicles, tractors, solar, logistics or real estate, the company will have a go at it.

“Even in FPI flows, which were negative due to flight of capital, we  are now seeing the first green shoots. As global interest in supporting an economically strong India grows, I am confident that capital will flow here from the West. India has the largest number of startups in the world and the third largest number of unicorns. In 2022, we've added a new unicorn almost every ten days.”

M&M Group Chairman pointed out that In many ways, “we appear to be living in the worst of times.” But depending on how you look at it, “these can be the best of times. In M&M, we are walking the talk. We are well positioned in the businesses where opportunity beckons,” he signed off.

M&M’s standalone profit jumped by 67 percent to Rs 1,430 crore after taking into consideration extraordinary items, as compared to Rs 855 crore year-on-year backed by a strong momentum of all-around growth across business verticals whereas consolidated PAT stood at Rs 2,360.70 crore in the first quarter ended June 30. M&M had posted a consolidated loss after tax of Rs 331.74 crore in the year-ago period, the company said in a regulatory filing.