India within pole-vaulting distance to be able to replace China as factory to the world: Anand Mahindra

The chairman of Mahindra Group said that India is still far from being able to replace China as the world’s factory, and doubts about the neighboring country’s ambitions and post-Covid supply chain disruptions are also present. benefit this country. Friday.
In his keynote address to Mahindra & Mahindra shareholders at the company’s AGM, Mahindra used the metaphor of a pole vaulter who needs to combine many factors to make a pole vault. success and says the comparison is “even more relevant in today’s world”. “We’re on the right track. The Indian economy is growing at 7% as many countries are in recession,” Mahindra said, citing local tensions. Politics with China is pushing many manufacturers to India, adding: “But that is not the only reason. The economy is also involved. India actually has the cheapest production cost in the world. It is not surprising that in recent times, companies of the size of Apple, Samsung, Boeing and Toshiba have moved a significant part of their production to India. Mahindra added that it’s not just Western nations, “Aren’t you surprised to learn that the second largest investor in India is Singapore? We are at pole vaulting distance from being able to replace China as the world’s factory. He added: “Doubts about China’s ambitions and post-Covid supply chain disruptions also benefit India. And we’re in a good position to take advantage of it. We have significantly improved our performance on the World Bank Logistics Performance Index. Our push on infrastructure is paying off.

As the world goes digital today, Mahindra said India is in a great position in terms of digital infrastructure. “The cost for 1 GB of mobile data in India is the cheapest among the major economies and by the way. The same goes for mobile internet costs. We’re 73 times cheaper than South Korea, which has the highest mobile data costs among major economies. I believe India is generating enough momentum for a spectacular take-off over the dome,” he said. He insisted on making the most of India’s growing stature on the world stage. “The world is at a stage where China’s political ambitions are taken into account, and India is seen as a clear buffer and counterweight to China.
Many countries are flirting with us today,” Mahindra said, adding that India’s foreign policy is outstanding and it has handled the Ukraine crisis well. India is one of the few countries where its economy and oil supply have not been affected, he said, and it has been seen as a productive and neutral party. “We are fighting for political leadership in South Asia.