Mumbai: Mahindra group chairman Anand Mahindra on Sunday welcomed the government’s announcements to develop infrastructure in Mumbai, but urged the government to articulate its vision for the country’s economic capital that is ‘groaning under its weight’.
The group has announced fresh investments worth ₹2,325 crore in the State, including a ₹1,700-crore foray to develop a film-centric tourism attraction on the group’s land assets in Kandivali, in his address at the inaugural session at the Magnetic Maharashtra investment summit inaugurated by PM Narendra Modi.
“Mumbai is the most commercially exciting and robust city in the country. It’s a jewel in your crown, but it’s a double-edged sword. If the city begins to groan under its weight and mismanages growth, then you may just as well turn away investors and the world,” he said.
“I was therefore delighted to hear in your speech all the infrastructure projects and investments that you referred to. But may i request, as you have made a very impeccable plan for transformation of villages, tell us your dream for Mumbai...and we can promise you that we commit to help you to make that happen,” said the chairman of the automobiles-to-IT conglomerate.
Mr. Mahindra’s comments assume significance as Mumbai's infrastructure is struggling to keep pace with its burgeoning population and economic activity. Earlier plans to designate the city an international financial centre have been junked, with the Centre opting to grant that status to GIFT City in Gujarat capital Gandhinagar instead.
“Just like a magnet has two poles, Maharashtra has two poles – one is its rural power and the other is Mumbai, the mega metropolis. Apart from the promise of rural consumption growth, this State has a Brahmastra . Any State or country’s gateways are its cities. They are the showcase of the ability of a country to execute for the future,” he said, underlining Mumbai’s importance to global investors.
Kandivali for film tourism
Mr. Mahindra said, “We are exploring the creation of an unique film-centric entertainment destination on our land in Kandivali at an investment of ₹1,700 crore. With Indian cinema being an international magnet, I am sure this will help attract more tourists and create hundreds of direct and indirect jobs,” .
The firm, which already has ₹8,500 crore invested in the State, is deploying another ₹500 crore in the electric vehicles business, and is setting up a ₹125-crore ‘next-generation all-green’ high-tech park in Nagpur that will create close to 2,500 jobs, he said.
Infectious resilience
Mr. Mahindra recalled the origins of his group, started by his grand-uncle and grandfather, KC and JC Mahindra, who were born in Ludhiana and started out in Kolkata, but prospered after moving to Mumbai. “It was the pull of magnetic Maharashtra, so they travelled all the way here to make it home. Their decision was rewarded with good fortunebecause our group has prospered and flourished here despite the ups and downs of the last few decades. We have absorbed the key qualities of the State: reinvention and resilience.”
He said, “Maharashtra is to India what America once used to be to the world. It was the place where risk-taking, hard work and merit were rewarded. I have no hesitation in advising global investors who are here today, and those who are watching, to follow the example set by my grandfather and grand-uncle to make the yatra to Maharashtra.”
