MUMBAI, June 29, 2025: Anand Mahindra, chairman of the Mahindra Group, has cautioned about a global trend towards economic self-interest and urged Indian industry to follow national priorities and take advantage of the opportunity to create a robust, manufacturing-based economy.
Speaking to the shareholders in the Annual Report, he discussed channelling the rhetoric of U.S. exceptionalism and said that nations are adopting a "Make Your Country Great Again" strategy more and more, motivated by the U.S.'s inward turn.
However, he contended that this change is not unique. Growing tensions between the United States and China, followed by a reorganisation of global supply chains, are fostering a new global order that favours regionalism and reliable substitutes.
“China’s adversarial stance is prompting diversification,” Mahindra wrote. “This presents India with a once-in-a-generation opportunity to become a credible global manufacturing base.”
He thinks that India is uniquely positioned to gain from this decoupling because of its democratic stability, military neutrality, and increasing geopolitical trustworthiness—but only if the private sector responds quickly and supports national industrial priorities like the Made in India and Production-Linked Incentive (PLI) schemes.
Mahindra says Globalisation isn’t Dead — It’s Rewired
Even though protectionism is currently making headlines, Mahindra does not believe that globalisation is dying and that its reinvention will result in "globalisation 2.0", which he stated will be regional, multi-polar, and motivated by domestic needs. India's challenge is to take root in these changing networks before others do, as countries rethink trade dependencies and re-engineer supply chains.
From manufacturing tractors during the Green Revolution to steel for nascent Indian industries, the Mahindra Group has made it a mission to balance business expansion with national development. More recently, the company has ventured into electric vehicles, logistics, and defence.
“India’s horoscope and ours are closely intertwined,” Mahindra said, calling on businesses to similarly integrate national objectives into their strategic DNA.
Mahindra acing the Business of Resilience
Mahindra resorted to mythology to make sense of the current uncertainty. He invoked the Hindu tale of Samudra Manthan, in which demons and gods churned the ocean in search of Amrit, or nectar, but first released a lethal poison. “The world today is in a similar churning,” he said. “There is opportunity ahead, but we must first weather the chaos.”
He pointed out that the poison includes unstable geopolitical alliances, inflationary pressures, and disrupted trade, all of which pose a threat to traditional growth models. Industries like electronics and consumer goods that rely on international supply chains will be particularly vulnerable.
However, Mahindra thinks that if Indian business takes decisive action, this upheaval will give it the opportunity to take the lead. “Countries like Vietnam and the Philippines are already positioning themselves as supply chain hubs. We must not miss our moment.”
Mahindra emulates the Banyan Model for a Volatile Era
Resilience has been essential for the group to weather decades of turmoil, from the 2008 financial crisis and the COVID-19 pandemic to oil crises and economic liberalisation. The group's federated structure, which Mahindra compared to a banyan tree, is what he credited with this agility: new ventures branch out like aerial roots, while core businesses like auto and tractors form the trunk.
This model protects the group from systemic shocks while enabling speed and flexibility. “Success in one branch strengthens the tree. Failure in another doesn’t bring it down,” he said.
Looking ahead
Mahindra encouraged Indian companies to actively influence the new order rather than adopt a defensive posture. “This is not just a time to endure — it’s a time to emerge stronger,” he concluded. “If we get this right, the Amrit will follow.”
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