'Whimsical Trump' Presents An Exciting Opportunity: Mahindra
'Our group is going to double our bets on America because we think it is going to be very robust,' Mahindra told the annual Nasscom summit
Photo Credit : Reuters,
Industrialist Anand Mahindra on Friday said the policies of a "whimsical" Donald Trump, the US president, present an exciting opportunity for investing in the world's biggest economy and his group will be doubling its bets there.
"The reality is that his 'Make America great' policy is going to make America a wonderful place to invest in. The stock market is already cheering. Our group is going to double our bets on America because we think it is going to be very robust," Mahindra told the annual Nasscom summit.
Stating that "all of us" follow Trump's Twitter feed closely and the former realty show star is getting highest ratings for this show, Mahindra said, "the American President has become the object of derision for a lot of media because of his whimsicality".
Underlining that Trump is out to reimagine his country and not the world, Mahindra said, "America is still powerful, he can wake up and keep us on edge".
He however added: "There is space for a country and a leader to try and fill that vaccum that's going to come because the US President, the leader of free world so far, is not reimagining the world. I think this is an enormous opportunity for India."
RIL chairman Mukesh Ambani too has said that he sees a silverlining in the rising protectionism in the US and the rest of the developed world and termed the Trump posturings as a blessing in disguise for the domestic IT players.
"Trump can actually be a blessing in disguise. The domestic IT industry can focus on solving problems right here, which is a huge market," Ambani had told the 3-day Nasscom leadership forum on Wednesday.
On the increasing calls coming in from the developed world for protectionism, Ambani had said the domestic industry should work on strengthening capabilities.
The $155-billion domestic IT industry nets over 65 per cent of its revenues from the US.
In view of the uncertainty created following Trump's protectionist comments, Nasscom has again lowered its revenue growth projection to the lower-end of its already lowered guidance of 8-10 per cent for this year from 10-12 per cent given last February.
Mahindra said the country had the same opportunity in the 1960s under the "charismatic" Nehru but the leader floundered on the economic front.
Canadian Prime Minister Justin Trudeau is also trying to do just that but may not have the economic heft to fulfil his ambitions, he added.
Chinese president Xi Jinping also attempted a similar thing in the recently concluded Davos summit, Mahindra said, adding that the world will be fearful of China and the head of the Communist regime cannot lead a "free world".
There are positives for India like space exploration and science and technology, he said crediting Prime Minister Narendra Modi for his attempts to change the mindsets of the nation with schemes like Swwach Bharat and demonetisation.
He said the cleanliness drive may be aimed at increasing the revenues coming to the tourism industry which has margins higher than the IT industry.
He also said that under Modi, instances of corruption in New Delhi's corridors of power are "non-existent".
Welcoming Nasscom's view to defer its guidance for next fiscal, Mahindra said industry should function independently and not go to the government asking for any sops.
On automation, he said the tractors which cannot mow down people in the field will be the first to go driverless, followed by trucks if separate lanes are provided and then the cars.
HDFC Bank's Aditya Puri said the bank is also working with Mahindra to have a car dashboard banking application which can help conduct transactions on the go.
Top themes and market attention on: