Purpose is a key driver to profits: Anish Shah, Managing Director & CEO, Mahindra Group
Shah was speaking at ABP Network’s inaugural ‘Ideas of India’ summit
The world has changed a lot, more so in the last couple of years. In the world today, it has become more important to focus on purpose, which has remained a key driver to profits, said Anish Shah, Managing Director & CEO, Mahindra Group.
He was speaking at ABP Network’s inaugural ‘Ideas of India’ summit to delve on the topic of Reinventing Business: Purpose vs Profits. The summit has brought together the brightest brains from diverse sectors to discuss India's 75-year journey, its present status, and the way ahead. ABP Network is the leading multi-language news channel reaching 535 million individuals in India.
Shah elaborated, “The term ‘purpose’ is not of recent vintage. In fact, I'll go back to the time when our founders had started Mahindra & Mahindra in 1945. They put out an advertisement in The Times of India, outlining the principles on which the company was born.
Those principles talked about dignity of labour, it talked about meritocracy, it talked about the fact that caste, creed, nor colour shall come in the way of someone going ahead. It talked about responsibility to society and it outlined, in effect, what purpose meant to the organisation."
He explained, “Then and now, purpose has remained a key driver to profits. And, being socially responsible gives a clear benefit to the brand value of a corporate. Among native American Indians, there’s a saying: We don’t inherit the world, we borrow it from the next generation.”
"One thing – that the Mahindra Group has always done well is – having a lot of empathy towards its associates, and having the ability to meet their needs. ‘Work from home’ is something that we are looking at closely in terms of what form it should take. Should it take a form that everyone can work from home whenever they want? One important thing that is lost in WFH is the physical aspect of meeting fellow colleagues and develop relationships, which help to co-create and co-innovate.”
On 'Aatmanirbhar Bharat' campaign, Dr Shah said, “I think the policy formulation has been very sound and what we're seeing is a tremendous amount of incentives been given to 'Make in India' and 'Aatmanirbhar'. It will create a much stronger boost and we will start seeing the effect of this in the next 5-7 years.”
‘Aatmanirbhar Bharat’, he explained, is about the ability to manufacture world-class products in India, it's not just manufacturing in India, citing the example of the newly-launched Mahindra SUV 700 as a world-class car.
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