Mumbai: India, which is on Viksit Bharat track, should eye for an economic growth that is inclusive and can be shared across all sections of the society. Dr Anish Shah, Group CEO of Mahindra Group and Managing Director of M&M on Friday said this at the third edition of 'Ideas Of India Summit', in Mumbai on Friday. Shah, who was the first speaker at the event, said, "My idea of India is inclusive growth...economic growth should be shared across all sections of society."
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Shah is an expert in fostering purpose-driven organisations and driving technological innovation across industries. During his discourse, the FICCI president said that the country is aiming to reach a $33 trillion economy. He also emphasised what India should do to reach that spot by 2047. The per capita income of the country has to reach $17,250, India's manufacturing should go up by 25 per cent of the GDP, and exports must grow 11 times from the current position.
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This year, the annual event is back with a new theme — 'The People's Agenda' — an idea that is extremely relevant in the present times. The two-day summit is being held in Mumbai on February 23-24.
Shah said India's infrastructure is now top notch, whereas the ease of doing business is also picking up. "India makes world class cars today; our cars are doing good business," he said during his address.
In the EV sector, Shah said with R&D coming up in India, the country will be leading the EV sector in the world. He also pointed out women-led development. "Women-led development is the key. We need to have equality at all levels," Shah highlighted while sharing his views on India's inclusive growth on the way to Viksit Bharat. He also mentioned, "At Mahindra, we have set a target of educating 1 million girls and skilling 1 million girls every year."
Shah also addressed the dual impact of cutting-edge technology on the workforce, highlighting both its efficiency and the resultant layoffs. He said that while the emergence of advanced technology like Artificial Intelligence (AI) has led to concerns over widespread job displacement, it also presents significant opportunities.
Speaking on Friday, the M&M chief underscored the positive impact of AI and technology in the agriculture sector. He highlighted the potential for every tractor to be equipped with sensors capable of providing farmers with crucial information. This data, according to Shah, includes insights such as the precise amount of seed required for specific sections of land, existing moisture levels, and optimal fertilizer quantities. By leveraging this technology, farmers stand to benefit from increased efficiency and resource optimisation, ultimately leading to savings in fertilizer and seed expenditure.
Shah's remarks reflect a growing discourse surrounding the transformative potential of AI in various industries, while also acknowledging the need for proactive measures to address its societal implications.
On sustainability, he said that India has taken a leadership role which the world didn't expect. "India is leading in this section. Each of us has to play a role," he added.
In addition to being a FICCI National Executive Committee office-bearer, Shah is also a member of the UK Investment Council, chair of the Automotive Governors Council (World Economic Forum), co-chair of the India Alliance of CEOs for Climate Change (World Economic Forum) and co-Chair of the India-Australia CEO Council.
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Prior to Mahindra Group, Anish Shah was president and CEO of GE Capital India from 2009-14, where he led the transformation of the business, including a turnaround of its SBI Card joint venture. His career at GE spanned 14 years, during which he held several leadership positions at GE Capital’s US and global units. He has also led the Bank of America's US Debit Products business and worked with Bain & Company in Boston and Citibank in Mumbai.
ABP Network, which is hosting the third edition of its 'Ideas Of India Summit', on February 23 and 24 (Friday and Saturday), aims to scrutinise 'The People's Agenda' and analyse the various dimensions of the impending elections in the world's largest democracy. Renowned figures from diverse sectors will convene at the summit to explore the intricate tapestry of India's socio-political landscape. The event, a flagship initiative of ABP Network, serves as a platform for in-depth discussions on the myriad facets of Indian society and governance.
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