New Delhi : (Jan 21) India continues to stand out as a key growth market, Mahindra Group managing director and chief executive officer Anish Shah told Moneycontrol at the World Economic Forum 2026 in Davos. Perception on India is continuously very positive because India is a bright spot from a growth standpoint,” Shah said, adding the country is likely to remain a major growth destination for companies worldwide.
Shah said global trade conditions will play a critical role in shaping growth opportunities for conglomerates such as Mahindra.
“Having tariff barriers removed clearly will help and that is something that we are looking for,” he said, referring to ongoing discussions around trade with the US and the European Union. Lower trade friction would support competitiveness and cross-border expansion of Indian manufacturers, he said.
Despite geopolitical uncertainty, Mahindra continues to see strong traction across its businesses. “Auto as well as other businesses are continuing to see great demand,” Shah said, noting that the group is preparing to add capacity to meet sustained market needs. The outlook remains positive across automotive, farm equipment and other industrial segments, supported by steady domestic consumption.
On capital allocation, Shah said Mahindra’s approach is driven by long-term competitiveness rather than trade-offs between businesses. The group continues to back its “growth gems”, a portfolio of high-performing companies that have seen a sharp rise in valuation over recent years. “We continue to invest in our growth gems, and we feel that they have potential to grow even more significantly from here,” he said.
Shah also highlighted the increasing role of artificial intelligence across Mahindra’s operations. While productivity gains dominate global discussions on AI, he said Mahindra is seeing strong impact in quality improvement and plant efficiency. “We see a lot more benefits from quality, from uptime of plants,” he said, adding AI is being deployed across manufacturing processes from paint shops to welding applications, helping improve energy efficiency and operational reliability.
Recent Union Budgets have laid a strong foundation for long-term growth, Shah said, batting for continuity. “We have seen some very good budgets over the last few years,” he said, pointing to the focus on capital expenditure, infrastructure creation and fiscal discipline. Continuity in this direction would be supportive for industrial expansion and private investment, he said.
Shah said Mahindra’s ability to navigate volatility comes from decentralised decision-making and strong leadership across businesses, allowing the group to stay resilient and growth-focused even in an uncertain global environment. (Agencies)
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