New Delhi: “While we continue to invest in building manufacturing capacity, we must also be aware of the important role the private sector plays in job creation,” Anand Mahindra, Chairman of the Mahindra Group, reiterated at M&M’s 78th annual general meeting in Mumbai.
He referred to the recent Budget which paid particular emphasis on employment generation and skilling as key priorities. “While India stands to benefit from the reorientation of global supply chains in the post-pandemic world, our growth and prosperity must be driven by job creation,” added Mahindra.
According to him, this was a “collective responsibility” given that the private sector had always teamed up with the Centre in such initiatives related to nation building. A broad-based effort was essential to generate the employment needed “to leverage our demographic dividend”.
Mahindra said the Centre’s recently announced schemes to support employers in increasing new hires and creating jobs in manufacturing were encouraging. “To truly propel our economy over the next decade, the private sector must use these schemes and create an explosion of new jobs, positively impacting the economy directly and through multiplier effects,” he continued.
The Mahindra Group was already working on skill-building programmes to increase technical knowhow and female workforce participation. In FY ’24, said the Chairman, over 220,000 women had benefited through skilling interventions “including employability-focused training and domain-specific skill development”.
Growth and innovation
M&M, meanwhile, has earmarked an outlay of INR 37,000 crore over the next three years which “is a testament to our commitment to growth and innovation”. Mahindra said the preceding fiscal had seen the company seize every opportunity that had come its way. It was a year where its strategies and ambitions “aligned strongly” with emerging trends.
The fiscal also saw M&M post sales of 825,000 vehicles (up 18%) and 380,000 tractors. “In the tractor market, we continue to lead the industry despite a more than 7% decline in the overall tractor market,” he added. They are sold under the Mahindra, Swaraj, and Trakstar brands.
The automotive division, according to him, had been at the forefront of innovation. While the Scorpio-N was a “blockbuster success”, the Scorpio Classic, customised for the Indian Army, was a symbol of “our commitment to the nation”. The company also expanded its global footprint with the “Mahindra Futurescape” vision showcasing the Thar.e and Global Pik Up vehicle concepts.
Exciting chapter
“It is an exciting chapter in our global journey, and we are committed to expanding our reach and impact worldwide,” said the Chairman. In the electric vehicle space, M&M launched the XUV 400 EL Pro variant.
As for tractors, the fiscal saw over four million tractors sold and this landmark was celebrated with the introduction of the Mahindra Yuvo Tech Plus. This is a model built on the next-generation Yuvo tractor platform at Zaheerabad. On the international front, said Mahindra, the OJA tractor family and its rapid ramp-up “positions us to tap into” 25% of the global tractor industry and explore new markets in Europe and ASEAN.
“As a group, our resilience is unquestionable, our imaginations are unfettered, and our aspirations are unconstrained. We are truly Mahindra – Unlimited,” declared Mahindra.
