New Delhi: The Chairman of the Mahindra Group, Anand Mahindra, reaffirmed at M&M’s 78th annual general meeting in Mumbai, “We must be aware of the important role the private sector plays in job creation, even as we continue to invest in building manufacturing capacity.”
He highlighted the recent budget’s focus on employment generation and skill development as key priorities. “As India stands to gain from the reconfiguration of global supply chains in the post-pandemic era, our growth and prosperity must be driven by job creation,” Mahindra added.
He described this as a “collective responsibility,” noting that the private sector has consistently partnered with the government in nation-building initiatives. He emphasized that a broad-based effort is crucial to creating the employment necessary to fully utilize the country’s demographic dividend.
Mahindra expressed optimism about the Center’s newly unveiled initiatives to assist companies in hiring more people and generating jobs in the manufacturing sector. “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 said.
The Mahindra Group was already developing skill-building initiatives to boost technical proficiency and the proportion of women in the workforce. Over 220,000 women have benefited from skilling programs in FY ’24, according to the chairman, “including employability-focused training and domain-specific skill development.”.
Growth and innovation
M&M has allocated INR 37,000 crore for the next three years, demonstrating its dedication to growth and innovation. Mahindra noted that the previous fiscal year allowed the company to capitalize on every available opportunity, aligning its strategies and ambitions closely with emerging trends.
During the fiscal year, M&M reported sales of 825,000 vehicles, an 18% increase, and 380,000 tractors. “Despite a more than 7% decline in the overall tractor market, we remain the industry leader,” he noted. These tractors are sold under the Mahindra, Swaraj, and Trakstar brands.
He claimed that the automobile business had led the way in innovation. The Scorpio Classic, built specifically for the Indian Army, was a symbol of “our commitment to the nation,” while the Scorpio-N was a “blockbuster success.” With the “Mahindra Futurescape” vision, which featured the Thar. and Global Pik Up vehicle designs, the firm also increased its global reach.
Exciting chapter
The Chairman stated, “This is an exhilarating new chapter in our global journey, and we are dedicated to broadening our reach and impact around the world.” In the electric vehicle sector, M&M introduced the XUV 400 EL Pro variant.
In terms of tractors, over four million were sold in the fiscal year, and the launch of the Mahindra Yuvo Tech Plus marked this significant achievement. This model was constructed at Zaheerabad on the next-generation Yuvo tractor chassis. Mahindra stated that the OJA tractor family’s quick ramp-up “positions us to tap into 25% of the global tractor industry and explore new markets in Europe and ASEAN” on the international front.
Mahindra declared, “As a group, our resilience is undeniable, our creativity is boundless, and our ambitions are limitless. We are truly Mahindra, Unlimited.”