India within pole vaulting distance to replace China as the factory of the world, says Anand Mahindra
"The world is at a stage where China’s political ambitions are being viewed with alarm, and India is seen as an obvious buffer and counterbalance to China," said Anand Mahindra.
Anand Mahindra, the Chairman of Mahindra Group says "India is within a pole-vaulting distance of being able to replace China as "the factory of the world."
Speaking to shareholders at Mahindra & Mahindra's 77th Annual General Meeting, Mahindra said, "The world is at a stage where China’s political ambitions are being viewed with alarm, and India is seen as an obvious buffer and counterbalance to China. There are many countries wooing us today."
Mahindra recalled that there have been times in the past when India has appeared to be on the verge of a successful pole vault. But somehow or the other, everything did not converge, and it disappointed a watching world.
"Today, however, all the positive factors are converging. We are well into the run-up. The Indian economy is growing at 7% when many
countries are heading for recession," he said.
He explained that the suspicions of China’s ambitions and post-Covid supply chain disruptions have also worked in India’s favour, and the country is well placed to take advantage of this.
"We have massively improved our performance on the World Bank's Logistic Performance Index. Our thrust on infrastructure is paying off," he added.
The geopolitical tensions with China are pushing many manufacturers in India’s direction, he believed but that is not the only reason. Economics also enters into it.
"India actually has the cheapest manufacturing costs in the world. It is not surprising that of late, companies of the stature of Apple, Samsung, Boeing, and Toshiba have shifted a significant amount of their manufacturing activity to India. And it’s not just the Western nations," he asserted.
The chairman of Mahindra Group opines that the country's foreign policy is "outstanding" and India has handled the Ukraine crisis well.
Given the environment, India is amongst the very few nations whose economy and oil supplies are not affected.
"We have pulled off the trick of being seen as a helpful and neutral party. We are contending for political leadership in South Asia. The leadership of the G20 has amplified our voice in the climate change and environment scenario. We are more respected internationally than ever before. India is ready to pole vault, and so is your company," declared Mahindra.
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