India has the opportunity to become a reliable challenger to China’s supply-chain dominance in 2024, according to Anand Mahindra, the Mahindra group head.
Companies that have created a portfolio of desirable products in terms of features and price will have the ‘happy’ challenge of raising production to meet demand in 2024, Mahindra said.
“Investment is going to flow into India in unprecedented volumes. The opportunity for India’s manufacturing to achieve a quantum leap is within our grasp or ours to lose. Let’s seize it with both hands because growth in manufacturing and exports will, in turn, enhance the consumption story, setting in motion a virtuous cycle that could endure for years,” said Anand Mahindra.
Stating that the first day of the new year opens a new chapter and opportunity for optimism, Mahindra said 2023 was characterised by conflict, climate change and a sluggish post-Covid recovery.
“As a transnational business, the Mahindra Group experienced all these challenges first-hand in the communities we work with around the world. We also experienced the joy of overcoming those challenges, and, in most situations, achieved extraordinary success,” he said.