The Mahindra Group, marking its 80th year, reported strong growth and robust financials for FY25 even as the conglomerate acknowledged mounting global volatility and economic uncertainty. The financial results were accompanied by a characteristically philosophical and geopolitical reflection by Chairman Anand Mahindra, who described the current global moment as “another such churning,” likening it to the mythological Samudra Manthan, where chaos may yet yield transformative opportunities.

“If I were to look for a single sentence that describes the world today, I would quote the American folk singer Bob Dylan and say, “The times, they are a-changing.” The old order — social, political, and economic — has been rudely shaken, and a new one has not quite emerged,” Mahindra told shareholders in the company’s annual report.

He further pointed out that the world now is in a state of flux. Although, historically, such churnings have happened, which have shaped the global political, economic and social landscapes, the present moment is comparable to that historical moment, he noted.

"Today’s turmoil is another such churning, another such mega-trend. A growing wave of protectionism is challenging decades of liberal trade order, dramatically highlighted by the Trump administration’s tariffs. These measures are sparking global responses, including retaliatory tariffs, disrupted supply chains, shifting political alliances, and economic groupings," Mahindra observed.

Still, Mahindra struck an optimistic tone about India’s prospects. “China’s adversarial stance may create opportunities for India to position itself as a supply chain alternative,” he noted. “The potential exists, but achieving it will require a concerted focus on manufacturing and a palpable increase in private investment.”

Crucially, Mahindra points out that in the churn, there will be moments when India too would have to 'swallow some poison,' and that some challenges are indeed ahead. "Our large trade deficit, vulnerabilities in certain sectors, increased competition among nations, and uncertainties affecting GDP aspirations are all challenges that must be met. Key industries, such as steel and aluminium, could face headwinds, and export volumes may be impacted. The challenge will be to minimise the adverse effects, akin to how Lord Shiva confined the poison to his throat without letting it spread," he noted.

But, Mahindra cautioned that instead of looking reactively at the situation, it is incumbent upon us to be proactive and view this as an opportunity.

"China’s adversarial stance may create opportunities for India to position itself as a supply chain alternative — a long-term goal for Indian business. Innovation and R&D could receive renewed focus, while manufacturing could once again take centre stage. Restrictions on China and high tariffs for other competing countries could open new markets for Indian goods. The potential exists, but achieving it will require a concerted focus on manufacturing and a palpable increase in private investment. Speed and agility are essential, as countries like the Philippines and Vietnam are already touting themselves as future manufacturing hubs. We must act swiftly and strategically," he observed.

He laid out two structural forces shaping this shift — what he calls “Make Your Country Great Again” and “Globalisation 2.0.”

Drawing inspiration from the U.S., Mahindra said more countries are turning inward, emphasising self-reliance and national priorities. India, he noted, was already on this path through schemes like Production-Linked Incentives (PLI) and ‘Make in India.’ “Companies can greatly benefit from aligning their strategies with national objectives,” he said, pointing to sectors like renewable energy, defence, and digital infrastructure as rising stars.

At Mahindra, such alignment is woven into the company’s DNA, he said, recalling its historic roles in steel, mobility, and IT. “India’s horoscope and ours are closely intertwined,” Mahindra declared. With new bets on EVs, clean energy, and logistics, the Group is once again hitching its growth to the broader economic direction of the country.

At the same time, Mahindra rejected the notion that globalisation is dead. Instead, he described a new avatar — “multi-polar, regional, and driven by domestic imperatives.” As U.S.-China tensions reshape trade alliances and capital flows, India has the potential to emerge as a new centre of gravity, Mahindra said, citing the country’s political stability, military professionalism, and growing international trust.

“In such shifting sands, I believe India is well-positioned,” he said.