Davos 2024: Mahindra Group CEO Says India Needs More Foreign Investment
The consumer base in India is expanding rapidly and there's an expectation that consumption will significantly increase, Anish Shah says.
The goal is to attract more companies to invest in India, making the country stronger, according to Anish Shah of Mahindra Group.
Domestic manufacturers have benefited a lot from the competition in the auto industry for the past 25 years, Shah, group chief executive officer and managing director at Mahindra Group, told NDTV Profit's Niraj Shah on the sidelines of the World Economic Forum 2024 in Davos.
There is confidence that India can compete with global players, and this competition helps the market grow, he said.
"Manufacturing needs to play a bigger role in India, especially considering the Prime Minister's vision for 2047, where manufacturing is expected to be 25% of the economy. For that, India has to grow 16 times in the next 23 years," Shah said.
To make this happen, the economy needs strong global players in India and robust domestic companies making products for the world, he said. "All of that has to come together for us to achieve the goals for Viksit Bharat."
Where Does India Stand?
India is getting a lot of positive attention, and the Indian delegation has done an excellent job representing the country realistically, he said. Currently, India is standing out globally as a shining star, according to him.
There's a growing recognition of India as a favourable destination for the supply chain, Shah said. For some, it's a way of reducing the risks associated with dependence on China and in other cases, India is establishing itself as an attractive and independent place for business, he said.
People are also beginning to notice the potential in the Indian market, according to him. The consumer base in India is expanding rapidly and there's an expectation that consumption will significantly increase, Shah said.
