'Our Products Speak For Themselves': Mahindra Group's Anish Shah Unfazed By Tesla's India Plans
India has ability to manufacture at scale and at lower cost. The company's EVs that have come-in are entirely manufactured in India, Mahindra Group CEO Anish Shah said at the NDTV Profit Conclave.
Mahindra & Mahindra Ltd., one of the top Indian automobile players, is unfazed about the potential entry of American electric vehicle major Tesla Inc. into the Indian market.
"Our products speak for themselves," the company's Managing Director and Chief Executive Officer Anish Shah said on Tuesday, at the NDTV Profit Conclave in Mumbai.
Shah's remarks came hours after Tesla signalled its India entry plans by advertising jobs in the country. The Elon Musk-led company is seeking candidates for 13 roles, including those who will be based in Mumbai and Delhi.
Asked whether the entry of a deep-pocketed automobile major like Tesla could adversely impact the domestic manufacturers, Shah denied it. "India has ability to manufacture at scale and at lower cost...Our EVs that have come-in are entirely manufactured in India," he underlined.
Over the last 20-25 years, the question has been frequently put before the Mahindra Group on how it will compete with the entry of major foreign players, Shah said. "But our teams have been able to show that we can manufacture at strength and compete globally."
Shah, who is also the Group CEO and MD of the tech-to-auto conglomerate Mahindra Group, said that other Indian manufacturers have also stepped up to the challenge posed by their global counterparts.
The strength and resilience shown by domestic manufacturers provides an opportunity for India to emerge as a "manufacturing hub", he added.
'Strong Fundamentals'
The fundamentals of the Indian market remain "very strong", despite the recent slowdown seen in corporate earnings, according to Shah. "There are number of positives today that our economy didn't have in the last 30 years."
The recent push towards consumption will further drive the capital expenditure by the private sector, he said. "The consumption boost aiding the private sector capex will create a virtuous cycle."
India is "well-positioned", the Mahindra Group CEO stressed, further suggesting that the government is taking measures to strengthen the economy in the long-term.
"Rural India has seen growth coming back already," Shah said, while adding that he expects this momentum to continue in the next year as well.
Commenting on the jitters in the global market over the US trade policies, Shah said India will be a "net gainer", given the positive bilateral relations with Washington. "But the world right now is unpredictable, so we have to be agile," he noted.
Check live updates from NDTV Profit Conclave here.
