Anand Mahindra, Chairman of the Mahindra Group, has underscored the global dynamics that position India as a potential contender to challenge China’s dominance in the supply-chain sector, saying a substantial opportunity emerging in 2024, with the potential to draw unparalleled levels of investment into the country.
Anand Mahindra, Chairman of the Mahindra Group, on January 1 said that the global stage is poised for India to emerge as a credible competitor to China’s dominance in the supply-chain arena. He anticipates that this shift will create a significant opportunity in the year 2024, attracting unprecedented volumes of investment into the country.
In his New Year message, Mahindra expressed optimism, stating that all indicators suggest the Indian economy is on track to achieve “the mythical lift-off that we have been awaiting for decades.” He went on to predict that in 2024, companies capable of developing a portfolio of desirable products, encompassing both features and pricing, will encounter the positive challenge of increasing their production to meet rising demand.
Emphasising that “a New Year is special because it always symbolizes a new beginning,” he remarked, “No matter how dark the year has gone by, the human spirit has an abiding capacity for hope. 2023 was a year characterized by conflict, climate change, and a sluggish post-Covid recovery. The year ended with the world crying out for renewal.” He added that the first day of the new year opens a new chapter, offering a fresh opportunity for optimism and renewal.
“Globally, the world needs India to become a reliable challenger to China’s supply-chain dominance. That is the great opportunity of 2024. That is what will fuel the lift-off. Investment is going to flow into India in unprecedented volumes,” Mahindra said in a post on X, formerly Twitter.
Mahindra emphasised that the potential for a significant advancement in India’s manufacturing sector is within reach, presenting a pivotal moment for the country, urging a proactive approach, stating that the opportunity is either to be seized or lost.
“Let’s seize it with both hands because growth in manufacturing and exports will, in turn, enhance the consumption story, setting into motion a virtuous cycle that could endure for years,” he wrote on the micro-blogging site.
In the long run, Mahindra highlighted that India’s economic growth will be sustained by a capacity for disruptive innovation. He expressed optimism, stating that this aspiration is evident in many of the newer startups, and he extended his support, saying, “More power to this tribe!” Mahindra noted that in 2023, the Mahindra group faced challenges firsthand in the communities it works with around the world, being a transnational business.
“We also experienced the joy of overcoming those challenges, and in most situations, achieved extraordinary success. Our great advantage and opportunity in 2024 comes from our deeply embedded Indian roots. Because all signs point to the Indian economy achieving the mythical ‘lift-off’ that we have been awaiting, for decades!,” he said.
Mahindra observed that while the rest of the world experienced growing turbulence over the last few years, India managed to keep the engine of its economy running through government capital injections and infrastructure investments.